Baghdad: The Turkish holding company, Tiryaki Acro, has entered into a cooperation agreement with the International Finance Corporation (IFC) to bolster food security initiatives in Iraq.

According to National Iraqi News Agency, the company plans to construct 39 food security facilities across 14 cities in Iraq. This collaboration with the International Finance Corporation, part of the World Bank Group, is aimed at transforming the agricultural landscape in the region. Initial efforts will focus on conducting feasibility studies and environmental and social impact assessments. These assessments are designed to guide future investments in infrastructure and training programs for farmers, ultimately aiming to enhance agricultural productivity, minimize losses, and promote sustainable farming practices.

With an investment exceeding $120 million, the project is anticipated to expand in subsequent phases. Plans include establishing a comprehensive agricultural production and logistics center that will serve both Iraq and its neighboring countries. This center will focus on processing lines for flour, legumes, and rice. In the statement, Tiryaki Acro’s CEO, Suleyman Tiryakioglu, described the initiative as a landmark move towards both food security in Iraq and regional stability. He reiterated the company’s dedication to offering global food solutions and fostering a future for food security that aligns with nature.

Shelissa Samghi, Regional Director of Pre-Investment and Advisory at the International Finance Corporation, highlighted the initiative’s potential to generate employment in Iraq, strengthen food security, and improve living standards. Samghi emphasized their objective to ensure the project’s sustainability by enhancing local farmers’ capacities in modern and sustainable agricultural methods and reducing reliance on grain imports.