Baghdad: The celebration of Partnership Day between the International Finance Corporation (IFC) and Iraq marked a significant milestone with the signing of numerous investment and development contracts involving both the public and private sectors. Under the patronage of Prime Minister Mohammed Shia al-Sudani, the event commemorated the 20th anniversary of the IFC’s involvement with Iraqi sectors.
According to National Iraqi News Agency, Prime Minister Mohammed Shia al-Sudani emphasized the strategic importance of the partnership with IFC during the ceremony. He acknowledged the effective role of the private sector in implementing reconstruction and development projects in Iraq, despite facing challenges such as bureaucracy, corruption, and security issues.
The Prime Minister noted that foreign capital has played a crucial role in stabilizing the Iraqi economy, further encouraging international financial institutions from Germany, Italy, France, the UK, and China to fund numerous development initiatives. These efforts have also led to the establishment of legal and administrative frameworks, the removal of bureaucratic hurdles, and the creation of job opportunities.
During the celebration, several contracts were signed in collaboration with the IFC. Notable agreements include a $500 million investment in associated gas and the development of Umm Qasr port facilities with Basra Gas Company, and a $250 million contract with Al-Muhaidib Group to expand cement and lubricating oil production.
Additional contracts involved Al-Lorraine Investment Company’s $125 million financing for container handling equipment at Umm Qasr port, and a $65 million investment in a green residential real estate project in Sulaymaniyah with Hiwa Rauf Investment Company.
The Bank of Baghdad secured a $10 million international trade finance credit facility, while Sama Al-Manar/Teriyaki Agro and Rabban Al-Safina Companies signed agreements valued at $120 million and $250 million, respectively, for agricultural, industrial, and healthcare projects. Furthermore, a partnership agreement was established with Al-Ula Company to enhance advisory services and attract investments for small and medium enterprises.