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.
European airlines like Wizz Air, Lufthansa and British Airways dodged Iraqi and Iranian airspace on Thursday, according to flight tracking websites, opting instead for routes over Afghanistan and central Asia in an effort to mitigate risks associated with ongoing geopolitical turmoil in Iran and the Middle East.
The United States stands by the “brave people of Iran,” and President Donald Trump "has made it clear all options are on the table to stop the slaughter," U.S. Ambassador to the United Nations Mike Waltz told the U.N. Security Council on Thursday.
UAE President Sheikh Mohamed bin Zayed Al Nahyan on Thursday received Bassirou Diomaye Faye, President of Senegal, during his working visit to the United Arab Emirates, which includes participation in Abu Dhabi Sustainability Week 2026.
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