Iraq signs over $1B in IFC-backed deals

Shafaq News – Baghdad

Iraq signed seven contracts worth $1.3B on Saturday with the International Finance Corporation (IFC), the World Bank’s private-sector arm, to channel private capital into energy, infrastructure and housing.

Read more: Beyond Oil: Iraq struggles to diversify its troubled economy.

Revealed in an official signing ceremony, the largest deal, worth $500M, was signed with Basra Gas Company to capture associated gas and upgrade facilities at the port of Umm Qasr. Another $250M agreement will fund a teaching hospital, while $125M is allocated to expand container handling and storage at the same port.

Other contracts cover cement and lubricants production, a green housing project in al-Sulaymaniyah, agribusiness ventures and credit lines for small businesses.

Prime Minister Mohammed Shia al-Sudani, present at the ceremony, said the agreements build on reforms that have already attracted $100B in foreign investment.