Reuters: IFC plans to inject $800m into Iraq private sector

Posted: November 3, 2011 in Iraqi Dinar/Politics
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A senior official at the IFC investment arm of the World Bank yesterday it aims to pump about $ 800 million, mostly in the energy and banks in Iraq over the next three years to help support development in the private sector.

and said Rashad Chaldean Vice President of the Foundation will be allocated between 300 1.0005 million million of capital projects for the collection of the gas currently being flared in oil fields.

and he said in an interview with Reuters, «What we are looking for over three years is to provide financing of about $ 800 million .. This will be our goal ». He said that the Chaldean IFC will focus mainly in the sectors of gas and power generation, banking, building materials, as well as agriculture and housing. And you need the infrastructure in Iraq to the rehabilitation of a comprehensive after decades of wars and economic sanctions, therefore, investments are needed in all sectors.

The private sector remains relatively small compared with the state-owned companies, and still the government sector comprises the bulk of employment after nearly nine years of US-led invasion the United States in 2003. The Iraq relies on oil exports to reap 95 per cent of government revenue.

The International Finance Corporation has given the Iraqi unit of Mobile Telecommunications Co (Zain) a loan of $ 400 million for seven years in February to help them expand and improve service.

said Chaldean that the Foundation is in talks with other mobile phone in Iraq on a loan, but declined to give further details.

and the IFC’s largest global body for the development focus in the private sector in developing countries. And opened its first office in Iraq this year.

The Chaldean that the Foundation looks forward to between 50.0001 million million through a combination of loans and buy stakes in projects to generate electricity, run by local and foreign firms.

and also plans to allocate between 50.0001 million million to provide loans or buying stakes in private banks. He said that the Chaldean of the biggest obstacles in the way of development in Iraq, bureaucracy and poor performance of the financial sector.

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