Iraq Signs $1 Billion IFC Investment Deals for Economic Recovery

Iraq has signed investment agreements worth $1 billion with the International Finance Corporation (IFC), the World Bank's private sector arm, aimed at supporting the country's economic recovery through projects in energy, infrastructure, agribusiness, and finance. A key component of the deals includes a $500 million contract with Basrah Gas Co. to develop associated gas projects and enhance facilities at Umm Qasr port, focused on reducing gas flaring and strengthening Iraq's energy infrastructure. These investments build on IFC's prior commitments, including a $360 million loan in 2021 that facilitated the completion of a gas liquids plant earlier this year. Despite recent stability, Iraq continues to face challenges such as poor infrastructure, inefficient services, and corruption, which the government hopes to address through these partnerships. The IFC has mobilized over $2.5 billion in Iraq since 2005, reflecting a long-term commitment to the country's development. These agreements underscore Iraq's efforts to attract private sector investment and boost non-oil economic growth amid ongoing recovery from years of conflict and unrest.