Iraq’s private sector is expected to invest nearly 84 trillion Iraqi dinars ($65 billion) during the 2024-2028 development plan which focuses on infrastructure projects, the planning ministry has revealed.

Ministry spokesperson Abdul Zahra al-Hindawi said the Ministry is working to implement a wide range of projects and programmes aimed at improving services, diversifying the economy, and reducing poverty and unemployment with the help of the private sector.

“The projects focus on several key sectors, mainly infrastructure projects encompassing water, sewage, roads, electricity, energy, gas, housing and reconstruction, municipal services, health, education, food security, agriculture, transportation, and communications, as well as economic projects that support economic diversification and reduce dependence on oil,” he told the official Iraqi News Agency (INA) at the weekend.

He added that the plan also includes completing major strategic projects with developmental and service-oriented impacts, such as the Development Road project and the Grand Faw Port project.

"The volume of private sector investments within the five-year plan amounts to IQD 84 trillion, representing about 35 percent of the total planned investments,” he said.

(Writing by N Saeed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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