Basrah Gas and Citi Bank sign a $ 50 million credit facility

Basrah Gas and Citi Bank sign a $ 50 million credit facility

Thursday 28 February 2019 6:41 pm

Basrah Gas and Citi Bank sign a 50 million credit facilityBAGHDAD – The Basrah Gas Company announced on Thursday that it has signed a 50 million dollar credit facility agreement with Citi Bank, confirming that it will be the first commercial loan offered by Citi to an Iraqi company. Ceremonies of this celebration of this positive achievement in the United Arab Emirates.

“This credit facility is a milestone for the first commercial loan, in addition to supporting the company’s working capital needs. It demonstrates the strength of Iraqi institutions and their ability to attract financing,” said General Manager of Basra Gas Company, Fritz Kalab, in a statement received by Iraq News. Of international banks. ”

“The business of the company is growing with the increase in the volume of processed gas and exports, and there are aspirations to further improve our budget and sources of funding. The relationship with Citi has grown over the years since Basrah Gas started operations, and there is confidence that Citi will continue to support financing opportunities Futuristic. ”

“Iraq is an important market for Citi and has great potential for growth and there is a potential for strategic alliance with Basrah Gas Company and we continue to provide them with banking solutions while developing their business and achievements in the country,” said Ateeq Rahman, chief executive of Citi Bank in the Middle East and Africa.

“Basra Gas and Citi have implemented a cash management model that meets the needs of the company to pay to Iraqi and international suppliers reliably within the time schedules required in its partnership with local Iraqi banks.”

On the other hand, the Director General of the Department of Public Debt in the Iraqi Ministry of Finance, Salah al-Din Hamid al-Hadithi that “Iraq invests and encourages foreign investments to support economic growth, and is witnessing at present more cooperation between Iraqi companies and foreign investors, especially the credit facility agreement signed between the company “This gives the company the flexibility to increase its investments and expand its production, and enhances the confidence of international banks in the Iraqi economy.”

“Citi opened a representative office in Baghdad in 2013 to support the institutional customers of Citi Bank in the country, including Iraqi financial institutions and public sector institutions, as well as multinational companies and institutions operating in the country,” the statement said.