The International Finance Corporation (IFC), a member of the World Bank Group, has invested a total of $410 million (including $125 million in mobilization) in Iraq to support the development of the nation’s private sector, with a special emphasis on improving access to vital infrastructure and supporting the manufacturing sector.
In fiscal year 2016, IFC finalized a $375 million financing package for a leading private Iraqi power company to help provide electricity to millions of people across the country, particularly in the Kurdistan Region of Iraq, where a migrant crisis has strained power infrastructure.
Ziad Badr, IFC Principal Country Officer in Iraq, said:
“Iraq is a priority country for IFC in the region. The current security situation and sharp drop in oil prices highlights the need to foster a diversified economy and boost economic growth.
“With over 90 percent of government revenues generated from the oil sector, IFC’s support to the private sector is crucial for the growth of the non-oil economy and creation of jobs.”
Since FY11, IFC has invested $1.1 billion in long-term financing in Iraq (including $378 million mobilized from other investors and $8.3 million from MIGA). IFC’s portfolio currently stands at $441 million.
IFC investment and advisory projects focus on boosting trade, increasing South-South investments, improving infrastructure, and bolstering access to finance for micro, small and medium enterprises.