Iraq to receive US$800mn from IFC for private sector


Iraq_IFC_1International Finance Corporation (IFC), the World Bank's investment arm, will invest around US$800mn into Iraq over the next three years to help boost development in the private sector, Rashad Kaldany, vice president of IFC said.

According to Kaldany, between US$300mn and US$500mn of the capital would go to projects to collect gas that is currently flared at oilfields.

"What we are looking to do over a three-year period is to provide financing (of) about $800 million ... (this) would be our goal," Kaldany told Reuters in an interview.

Primary focus

He said IFC would focus primarily on developing the gas, power generation, banking and construction materials industries, and also the agricultural and housing sectors.

Kaldany said IFC was looking at providing between US$50mn and US$100mn through a combination of loans and taking stakes in power generation projects run by both local and foreign firms.

Loans for telecom firms

IFC has already granted US$400mn seven-year debt facility to the Iraqi unit of Kuwait-based telecom firm Zain, in February, to help it expand and improve services.

Kaldany said the corporation was in talks with another mobile operator in Iraq for a loan, but declined to give further details.

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