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.
Ankara rejected on Wednesday what it called the "prejudiced and unfair" stance of the European Union towards fundamental rights and the judiciary in Turkey, and regarding Cyprus, contained in the bloc's report on EU membership candidates.
Turkey's parliament is set on Wednesday to ratify a defence pact with Saudi Arabia and Pakistan that includes a collective defence clause, committing NATO's second-largest army to Riyadh's defence as it faces attacks by Yemen's Iran-backed Houthis.
Hezbollah on Wednesday rejected accusations that it had dispatched experts to Yemen to fight alongside the Houthis in their war against the internationally recognised government and Saudi Arabia.
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