PHOTO
The International Finance Corporation (IFC) has announced more than $1 billion in new investments across Iraq, targeting energy, ports, construction materials, real estate, agriculture, healthcare, and finance sectors in alignment with the OPEC member’s Vision 2030 agenda.
The deals were announced at IFC Partnerships Day in Baghdad, held under the patronage of Mohammed Shia' al-Sudani, Prime Minister of Iraq, to mark the institution’s two decades of involvements in the country, according to a press statement issued by the World Bank member.
The announcements also emphasise partnerships with the Iraqi private sector to foster sustainable growth, the statement noted.
Energy: IFC has been mandated by Basrah Gas Company (BGC) to lead, arrange, and syndicate a second loan of up to $500 million to advance one of the world’s largest gas flaring reduction projects.
Ports: IFC has partnered with Aloreen Company for Investment to invest $120 million to acquire new container handling equipment and expand yard capacity at Umm Qasr Port. The project is being developed with Terminal Investment Limited Holding, a subsidiary of Mediterranean Shipping Company.
Construction materials: IFC is teaming up with Nomu Holding, a subsidiary of Iraq’s Al-Maysarah Group and Saudi Arabia’s Al Muhaidib Group to invest $200 million to strengthen Iraq’s construction materials industry.
Real estate: IFC has committed $65 million alongside Hiwa Rauf for Investment and Development to establish Iraq’s first certified sustainable mixed-use project in Sulaymaniyah in the Kurdistan Region, combining housing and retail components.
Agribusiness: IFC has partnered with Tiryaki Agro to jointly conduct a feasibility study, which will aim to reduce reliance on grain imports by building the capacity of local farmers in sustainable modern farming practices. The study will assess the viability of sustainable agricultural infrastructure, modern storage, and renewable energy integration, with an initial focus on wheat.
Healthcare: IFC has joined hands with Ruban Al Safina to assess the development of a more than 200-bed capacity teaching hospital at the American University of Iraq in Baghdad.
Trade finance: IFC is extending a $10 million trade finance line to the Bank of Baghdad under its Global Trade Finance Programme, allowing the bank to join a global network of banks to facilitate cross-border trade and secure access to essential goods.
MSME: IFC is partnering with First Finance Company (FFC) to unlock new opportunities for Iraq’s micro, small, and medium enterprises (MSMEs).
Since 2005, IFC has invested and mobilised more than $2.5 billion for projects in Iraq. It is currently serving as lead advisor on Iraq’s first airport PPP project in capital Baghdad.
(Writing by Anoop Menon; Editing by Dennis Daniel)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
