IFC launches $1b investment plan in Iraq

The International Finance Corporation (IFC), a member of the World Bank Group, announced on Saturday $1 billion in new investments and partnerships in Iraq, marking 20 years of operations in the country. The commitments target energy, infrastructure, agribusiness, housing, finance, and healthcare, reinforcing IFC’s role in supporting Iraq’s private sector and economic diversification.

The new package includes a planned $500 million loan arrangement for Basrah Gas Company to expand one of the world’s largest gas flaring reduction projects, a $120 million investment to modernise Umm Qasr Port facilities, and a $200 million partnership to develop Iraq’s construction materials industry.

Additional initiatives will support sustainable housing in Sulaymaniyah, strengthen food security through modern farming practices, advance healthcare infrastructure with a new teaching hospital, boost trade via a $10 million facility with the Bank of Baghdad, and expand financing opportunities for small businesses.

The IFC said the investments align with Iraq’s Vision 2030 and are designed to tap into the resilience of the private sector while fostering sustainable growth. Moreover, IFC highlighted its record of investing and mobilising more than $2.5 billion in Iraq since 2005, creating over 28,000 jobs while supporting sustainable finance and key transport and energy projects.

“Iraq’s private sector is agile, resilient, and capable of driving sustainable growth,” K. Aftab Ahmed, IFC Director for the Middie East, Pakistan, and Afghanistan, said.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser