It’s a fact: Iraq’s public sector lacks the resources to finance reconstruction. But when they earn IFC’s stamp of approval, local and regional companies can play a vital role.
Iraqi firm Mass Global Energy Sulimaniya received $375 million from IFC to expand its existing gas-fired power station in the Kurdistan Region and build a new one near Baghdad.
Together, the two projects will provide power to 3 million people.
Our financing package includes $125 million mobilized from longtime client Bank Audi of Lebanon, which is making its first major investment in Iraq.
Deals like this have a demonstration effect. They open the door to greater private investment in places where years of war and neglect have hobbled the energy infrastructure, disrupting daily life and holding back development.
Private participation is essential.
IFC invested $2 billion in infrastructure in fiscal 2015, increasing access to power, transportation, and water.