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Revolutionizing Lives: Global Impact Through Financing

  A Transformational Initiative

In a groundbreaking move, the UK government has successfully secured £226 million in financing for a colossal drainage network spanning over 350km. This ambitious project aims to deliver clean water to tens of thousands of residents in the Al-Hillah district, located to the south of Baghdad.   A Financial Boost from Standard Chartered Bank The financing structure involves a £113 million guarantee orchestrated by Standard Chartered Bank, acting as the sole Structuring Bank, Mandated Lead Arranger, and Agent. In addition, His Majesty’s Treasury will contribute a direct £113 million loan, ensuring robust financial backing for the venture.  

UK Export Finance Paves the Way

UK Export Finance, the government's export credit agency, played a pivotal role in enabling the government of Iraq to access £226 million in financing. This vital injection of funding is poised to revolutionize a district currently contending with the challenge of untreated wastewater.   Projected Impact and Milestones Upon completion, experts anticipate the extensive network processing a staggering 20 million cubic meters of water annually. This monumental achievement will not only bring clean water to over 25,000 households but also elevate sanitation standards for hundreds of thousands of residents in the region.  

UK Export Contracts and Innovation

The project is set to trigger over £100 million in UK export contracts, making up almost half of the overall project value. In a tribute to the nation celebrated for spearheading modern sewage systems, the endeavor will procure state-of-the-art equipment and installation services from the UK.   Minister for Exports and Global Collaboration Lord Offord, the Minister for Exports, emphasized the integral role of UK exporters in partnering with overseas governments for transformative projects. The Al-Hillah endeavor underscores how UK Export Finance can unlock financing and showcase British innovation for sustainable development on a global scale.  

Standard Chartered Bank's Commitment

Faruq Muhammad, Global Head of Structured Export Finance at Standard Chartered Bank, expressed pride in providing UKEF-backed financing for this impactful project. The initiative aims to enhance sewage and drainage infrastructure, aligning with the bank's commitment to making a positive difference globally.   Beyond Infrastructure - Health and Agriculture Beyond its immediate infrastructure impact, the drainage network and water treatment systems will actively mitigate local health risks. The initiative aims to address sanitation issues, diminish flooding risks from stormwater and the Euphrates River, and actively upgrade treatment systems to generate biogas and phosphorous by-products supporting local agriculture. The funds will actively go to the Government of the Republic of Iraq, enabling the Governorate of Babil to actively enlist the services of GCITJ Babel Limited, a UK joint venture, to actively execute the transformative works.   Sources: THX News & UK Export Finance. Read the full article