Nairobi: Iraq, yesterday, signed contracts worth more than one billion U.S. dollars, with the International Finance Corporation (IFC), the World Bank Groups private sector arm, that supports investment in developing countries. The deals cover energy, infrastructure, and real estate projects, and aim to strengthen Iraqs economy and attract more investment.

According to Nam News Network, the signing ceremony, held in Baghdad to mark the 20th anniversary of IFCs work in Iraq, was attended by Iraqi Prime Minister, Mohammed Shia al-Sudani. Al-Sudani praised Iraq’s private sector for playing an active role in reconstruction and development despite challenges, such as bureaucracy, corruption, and security concerns. He also highlighted government efforts to improve the business climate, noting that Arab and foreign investments have reached 100 billion dollars in licenses and active projects.