By John Lee.
Hiwa Rauf for Investment & Development (HRID) and the International Finance Corporation (IFC), a member of the World Bank Group, have signed a financing partnership mandate for Downtown Slemani, Iraq's first certified sustainable mixed-use real estate development.
The agreement was announced during IFC Partnerships Day in Iraq, held under the patronage of Prime Minister Mohammed Shia' al-Sudani.
The partnership builds on IFC's earlier support in assessing the project's market viability, governance, and financial management. IFC intends to provide $65 million in financing to support the project, which is being developed in Sulaymaniyah, Kurdistan Region.
Rebaz Hiwa Rauf, CEO of HRID, said:
"Our collaboration with IFC is a milestone for HRID and for Iraq. ... By embedding ESG standards into Downtown Slemani, we are not only building the country's first sustainable mixed-use project but also shaping a model for future developments across the region."
According to IFC's Shelisa Samgy, the initiative is expected to strengthen sustainable urban infrastructure, attract private investment, and generate jobs in construction and services.
Downtown Slemani will include residential units, a shopping mall and entertainment centre, a five-star hotel, an office tower, performance centre, and leisure spaces within one integrated urban hub. Designed around ESG principles, it aims to create a modern community and set new benchmarks for urban development in Iraq.
(Source: HRID)
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