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    Home » IFC pledges $1 billion to boost Iraq’s private sector
    News

    IFC pledges $1 billion to boost Iraq’s private sector

    userBy user2025-09-14No Comments12 Mins Read
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    The International Finance Corporation (IFC), part of the World Bank Group, has announced $1 billion in new investments and partnerships to strengthen Iraq’s private sector.

    The new financing is for sectors including energy, infrastructure, agribusiness, housing, finance and healthcare, building on more than $2.5 billion that IFC has invested in Iraq since 2005, it said in a statement on Sunday.

    “Iraq is ready to embrace Arab and foreign partnerships like these ones,” Iraqi Prime Minister Mohammed Shia Al Sudani said at an IFC event where the announcement was made.

    Among the projects, IFC has been mandated by Basrah Gas to lead, arrange, and syndicate a second loan of up to $500 million, following a financing package in 2021. The new investment is aimed at supporting the gas flaring reduction project, capturing gas for energy use and significantly reducing emissions, it said.

    It has also partnered with Aloreen Company for Investment to invest $120 million for new equipment to expand yard capacity in Iraq’s Umm Qasr Port.

    IFC has also teamed up with Nomu Holding to invest $200 million to support Iraq’s construction materials industry. It will also provide $65 million towards a sustainable mixed-use real estate project in Sulaymaniyah in the Kurdistan Region of Iraq in partnership with Hiwa Rauf for Investment and Development.

    Other initiatives include feasibility studies for modern farming and healthcare infrastructure, and trade finance lines to boost cross-border commerce.

    “Iraq’s private sector is agile, resilient, and capable of driving sustainable growth,” said Aftab Ahmed, IFC’s director for the Middle East, Pakistan and Afghanistan.

    After years of instability and sluggish economic reforms, Iraq is now seeing increased global interest with more than $100 billion pledged for investment since early 2023, Haider Makiya, chairman of the National Investment Commission, told The National this month.

    About $64 billion has come from foreign investors and $38.6 billion from domestic companies, he said. “Iraq is a fertile ground for investment projects,” Mr Makiya said. The government is planning to add a further $100 billion in investment projects in the next two years.

    However, its economy is facing “considerable headwinds”, the International Monetary Fund said in July. After a sharp rebound in 2023, with non-oil growth reaching 13.8 per cent, expansion slowed to about 2.5 per cent in 2024, according to the IMF.

    With more than 90 per cent of government revenue still derived from oil, the country remains highly vulnerable to global price swings. The IMF said fiscal deficits have widened because of lower oil receipts and rising public spending.

    Meanwhile governance challenges, underinvestment in infrastructure and limited private sector development continue to constrain diversification, leaving unemployment, particularly among youth, at persistently high levels, the World Bank said.

    The IFC, which is focused on the private sector in emerging markets, has committed $71.7 billion in the fiscal year 2025 to private companies and financial institutions globally.

    Since 2005, IFC-backed projects have created more than 28,000 jobs in Iraq, including 5,000 for women. It has also advised on landmark projects such as Iraq’s first airport public-private partnership and supported small businesses through work with the Central Bank and local lenders.

    As part of the new package, IFC will extend a $10 million trade finance line to the Bank of Baghdad and partner with First Finance Company to improve access to credit for micro, small and medium enterprises.

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    Employees: 76

    Financing stage: Series A ($4 million)

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    Document everything immediately; including dates, times, locations and witnesses

    Seek professional advice from a legal expert

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    Employees: 22

    Based: Dubai and Muscat

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    Group 1 (Purebred Arabian) 2000m Dubai Kahayla Classic – $750,000
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    Results:

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    Red flags
    • Promises of high, fixed or ‘guaranteed’ returns.
    • Unregulated structured products or complex investments often used to bypass traditional safeguards.
    • Lack of clear information, vague language, no access to audited financials.
    • Overseas companies targeting investors in other jurisdictions – this can make legal recovery difficult.
    • Hard-selling tactics – creating urgency, offering ‘exclusive’ deals.

    Courtesy: Carol Glynn, founder of Conscious Finance Coaching

    What are the influencer academy modules?
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    Sector: HealthTech and wellness

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    Funding to date: Bootstrapped

    OPTA’S PREDICTED TABLE

    1. Liverpool 101 points

    2. Manchester City 80 

    3. Leicester 67

    4. Chelsea 63

    5. Manchester United 61

    6. Tottenham 58

    7. Wolves 56

    8. Arsenal 56

    9. Sheffield United 55

    10. Everton 50

    11. Burnley 49

    12. Crystal Palace 49

    13. Newcastle 46

    14. Southampton 44

    15. West Ham 39

    16. Brighton 37

    17. Watford 36

    18. Bournemouth 36

    19. Aston Villa 32

    20. Norwich City 29

     

     

     

     

     

     

    If you go:
    The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
    The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
    Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
    Entrance to the Harry Potter exhibition at the House of MinaLima is free
    The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).

    The specs

    Engine: 3.0-litre six-cylinder turbo

    Power: 398hp from 5,250rpm

    Torque: 580Nm at 1,900-4,800rpm

    Transmission: Eight-speed auto

    Fuel economy, combined: 6.5L/100km

    On sale: December

    Price: From Dh330,000 (estimate)

    The years Ramadan fell in May
    UAE currency: the story behind the money in your pockets
    FROM%20THE%20ASHES

    %3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A

    What%20is%20Dungeons%20%26%20Dragons%3F%20

    %3Cp%3EDungeons%20%26amp%3B%20Dragons%20began%20as%20an%20interactive%20game%20which%20would%20be%20set%20up%20on%20a%20table%20in%201974.%20One%20player%20takes%20on%20the%20role%20of%20dungeon%20master%2C%20who%20directs%20the%20game%2C%20while%20the%20other%20players%20each%20portray%20a%20character%2C%20determining%20its%20species%2C%20occupation%20and%20moral%20and%20ethical%20outlook.%20They%20can%20choose%20the%20character%E2%80%99s%20abilities%2C%20such%20as%20strength%2C%20constitution%2C%20dexterity%2C%20intelligence%2C%20wisdom%20and%20charisma.%20In%20layman%E2%80%99s%20terms%2C%20the%20winner%20is%20the%20one%20who%20amasses%20the%20highest%20score.%3C%2Fp%3E%0A

    Read more about the coronavirus
    Stats at a glance:

    Cost: 1.05 billion pounds (Dh 4.8 billion)

    Number in service: 6

    Complement 191 (space for up to 285)

    Top speed: over 32 knots

    Range: Over 7,000 nautical miles

    Length 152.4 m

    Displacement: 8,700 tonnes

    Beam:   21.2 m

    Draught: 7.4 m

    MATCH INFO

    Manchester United v Everton
    Where:
    Old Trafford, Manchester
    When: Sunday, kick-off 7pm (UAE)
    How to watch: Live on BeIN Sports 11HD

    History’s medical milestones

    1799 – First small pox vaccine administered

    1846 – First public demonstration of anaesthesia in surgery

    1861 – Louis Pasteur published his germ theory which proved that bacteria caused diseases

    1895 – Discovery of x-rays

    1923 – Heart valve surgery performed successfully for first time

    1928 – Alexander Fleming discovers penicillin

    1953 – Structure of DNA discovered

    1952 – First organ transplant – a kidney – takes place 

    1954 – Clinical trials of birth control pill

    1979 – MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.

    1998 – The first adult live-donor liver transplant is carried out

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