Peregraf
Under the patronage of Prime Minister Mohammed Shia’ Al-Sudani, Baghdad on Saturday hosted IFC-Iraq Partnership Day, commemorating two decades of cooperation between Iraq and the International Finance Corporation (IFC), a member of the World Bank Group.
The celebration was marked by the signing of several major investment and development contracts between IFC, Iraqi public institutions, and private-sector companies, with a combined value exceeding $1.3 billion.
Prime Minister’s remark
In his address, Prime Minister Al-Sudani praised IFC’s longstanding role in supporting Iraq’s economic transition and highlighted the country’s growing attractiveness to global investors.
He stressed that the Iraqi private sector had proven its ability to deliver reconstruction and development projects despite significant challenges ranging from bureaucratic red tape to corruption and past security instability.
“The government’s efforts to improve the business environment have already attracted global companies and institutions to Iraq,” Al-Sudani said. “The volume of Arab and foreign investments now stands at around $100 billion in licenses and companies that have begun implementing projects.”
The premier added that attracting foreign capital has played a critical role in supporting Iraq’s economic stability. He encouraged further participation from international financial institutions—including German, Italian, French, British, and Chinese lenders—to finance a new wave of development projects.
He emphasized that legal and administrative reforms, alongside the removal of routine obstacles, are creating more job opportunities and paving the way for sustainable growth.
Major agreements signed
During the ceremony, IFC and Iraqi partners finalized a series of agreements spanning energy, industry, trade, housing, and health sectors:
• Associated gas investment and development of facilities at Umm Qasr Port with Basrah Gas Company – valued at $500 million.
• Expansion of cement and lubricants production with Al Muhaidib Group – $250 million.
• Financing container handling equipment and storage yards at Umm Qasr Port with Al Lureen Investment Company – $125 million.
• Green residential real estate development project (Phase I) in Sulaymaniyah with Hiwa Rauf Investment and Development – $65 million.
• Trade finance credit line with Bank of Baghdad – $10 million.
• Sustainable agricultural and industrial projects partnership with Sama Al-Manar and Tiryaki Agro – $120 million.
• Teaching hospital project with Raban Al-Safina Group – $250 million, alongside an SME advisory and investment promotion partnership with Al-Oula Developments.
Looking ahead
The Prime Minister reaffirmed that his government views foreign investment as a cornerstone of Iraq’s post-oil economic diversification strategy. He said the country’s development roadmap relies on international partnerships to modernize infrastructure, expand renewable energy, and strengthen industrial and agricultural output.
The IFC-Iraq Partnership Day highlighted Iraq’s potential to transform into a regional hub for investment while also underscoring the importance of continued reforms to tackle governance challenges that have long hindered economic growth.