Iraq is seeking to create joint funds with foreign investors with a potential of up to $6 billion to support domestic projects, the head of the government fund has said.

The joint funds will be used to finance development projects, housing, industrial intelligence, and other sectors, said Mohammed Al-Najjar, Director of the Iraqi Development fund.

“There is a plan to create joint funds with investors from other countries…this will largely boost the Iraqi Fund’s resources and allow it to finance large projects in the country,” Najjar told the official Iraqi News Agency.

Najjar said the proposal is to create funds with resources of 7-8 trillion Iraqi dinars ($5.5-6 billion), adding that they will help tackle a housing crisis in Iraq.

An adviser to Iraq’s Prime Minister said in October that there is a plan to set up joint funds with Saudi Arabia, Japan and Italy.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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.