Iranian Firm to Invest Heavily in Wassit

Azzaman reports that the Iran Foreign Investment Company (IFIC) is willing to invest heavily in a number of projects in the southern Iraqi province of Wassit, and is prepared to accept deferred payment for its acvities.

The head of the province’s information office, Majid al-Atabi, said the company’s offer was tempting because Wassit did not have to worry about immediate payment.

He said IFIC’s representatives were in Wasit and submitted their blueprints and designs for the projects the company wanted to start in the province.

“The provincial authorities have tentatively accepted the designs but still we need them to be approved by the province’s investment commission,” Atabi added.

IFIC plans to implement projects in various sectors including settnig up a pharmaceutical company and a cement plant, as well as building silos.

The Iran Foreign Investment Company was incorporated in March 1998 as a Private Joint Stock company with a mission to manage and expand Iranian holdings abroad.

A holding company, IFIC provides financing and financial services and makes investments around the world. IFIC has interests in energy, telecom and IT, banking, insurance, stock markets, industry, mining, oil, gas and petrochemicals, as well as new and future technologies.

Currently IFIC has ventures in different countries including Germany, Brazil, Egypt, Jordan, Sudan, Yemen, Namibia, Oman, United Arab Emirates and Armenia.

 (Sources: Azzaman, IFIC)

Comments are closed.