Iraq signed $1 billion worth of investment agreements with the International Finance Corporation (IFC), part of the World Bank Group, as the country seeks to boost its economic recovery.
Since 2005, the IFC has invested and mobilized over $2.5 billion in Iraq © Mena Today
Iraq signed $1 billion worth of investment agreements with the International Finance Corporation (IFC), part of the World Bank Group, as the country seeks to boost its economic recovery.
The deals, announced Saturday during a ceremony marking 20 years of IFC’s presence in Iraq, cover energy, infrastructure, agribusiness, and finance. A major $500 million contract will focus on capturing and developing associated gas in Basra province.
Prime Minister Mohamed Shia al-Sudani highlighted the role of the private sector in reconstruction despite challenges of bureaucracy, corruption, and security risks.
Rich in oil but struggling with poor infrastructure and weak public services, Iraq is working to attract more investment to diversify its economy. The IMF has warned that growth outside the oil sector remains weak due to low productivity and limited capital investment.
Since 2005, the IFC has invested and mobilized over $2.5 billion in Iraq.
President Donald Trump announced Sunday the appointment of Tom Barrack, the current US Ambassador to Turkey, as Special Presidential Envoy to both Syria and Iraq, a dual role that signals Washington's intensifying diplomatic engagement across the region.
French Foreign Minister Jean-Noël Barrot has demanded an emergency UN Security Council meeting following Israel's seizure of Beaufort Castle in southern Lebanon, calling it a "major fault" and accusing Israel of violating international law and ceasefire commitments.
President Donald Trump announced that Iran has committed to never obtaining a nuclear weapon, whether by building or buying one, marking a potentially significant breakthrough in negotiations to end the US-Iran war.
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