Iraq signs seven investment contracts in partnership with the International Finance Corporation.
Shafaq News – The Iraqi government signed seven investment contracts today, Saturday, in partnership and financing with the International Finance Corporation (IFC).
This came during an official ceremony in which the seven contracts were signed, as follows:
A $500 million contract was signed with Basra Gas Company to invest in associated gas and develop Umm Qasr Port facilities.
A $250 million financing and expansion agreement with Al-Muhaidib Group for the cement and lubricants production sector.
A $125 million financing contract for container handling equipment and a storage yard at Umm Qasr Port was signed with Al-Lorraine Investment Company.
The first phase of the Green Residential Real Estate Development Project in Sulaymaniyah was awarded to Hiwa Rauf Investment Company for $65 million.
A $10 million credit line financing agreement was signed with the Bank of Baghdad to finance international trade.
An investment partnership was concluded to establish sustainable agricultural and industrial projects with Sama Al Manar/Teriyaki Agro, valued at $120 million.
A partnership was signed with Captain Ship Holdings to establish a $250 million teaching hospital, and a partnership was signed with Al-Ula SME Finance Company for advisory services and investment attraction development.
Prime Minister Mohammed Shia al-Sudani delivered a speech at the contract signing ceremony, in which he highlighted the importance of the partnership with the International Finance Corporation, given the distinguished capabilities of the private sector, which has demonstrated an effective presence in implementing reconstruction and development projects and has endured various forms of bureaucracy, corruption, and security challenges.
He explained that the government measures aimed at improving the business environment clearly led to attracting international companies to work and invest in Iraq, and the value of Arab and foreign investments reached (100) billion dollars in the volume of licenses and companies that have already begun implementing the investment.
Al-Sudani noted that attracting foreign capital has contributed to supporting the stability of the Iraqi economy and has encouraged other international financial institutions, including those from Germany, Italy, France, Britain, and China, to contribute to financing a significant number of development projects. He also noted that this has provided legal and administrative frameworks and removed red tape, creating more job opportunities.
Shafaq.com