Iraq secures $1B IFC investment to boost energy, agriculture
Funding aims to support economic recovery, strengthen infrastructure, and attract foreign capital
BAGHDAD, Iraq (MNTV) — Iraq has signed new investment agreements worth $1 billion with the International Finance Corporation (IFC), the private sector arm of the World Bank, to advance projects in energy, agriculture, and finance as the country works to consolidate its economic recovery after decades of conflict.
The announcement was made during a ceremony marking the IFC’s 20-year presence in Iraq, according to Iraqi News.
Prime Minister Mohammed Shia Al-Sudani highlighted the significance of the deals, stressing that foreign investment plays a crucial role in stabilizing the national economy.
In a statement, the IFC confirmed that the agreements include “$1 billion in new investments and engagements across energy, infrastructure, agribusiness, and finance.”
Al-Sudani’s media office specified that the package involves a $500 million project targeting the capture and development of associated gas in Basra, a major oil-producing province.
“Iraq’s private sector has managed to push ahead with projects despite bureaucratic hurdles, corruption, and security challenges,” Al-Sudani said, noting the government’s intention to expand investment opportunities.
Iraq, heavily reliant on oil revenues, has struggled with inadequate infrastructure, poor public services, and widespread mismanagement.
According to the International Monetary Fund, non-oil economic growth in the country remains slow, hampered by low productivity, limited investment, and inefficiencies in human capital.
The IFC, based in Washington, has provided and mobilized more than $2.5 billion in support of Iraqi projects since 2005, during the height of instability that followed the US-led invasion.
Officials say the new funding reflects growing confidence in Iraq’s stability and potential for long-term development.
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