IFC: We Invested $ 400 Million in Iraq
|October 14, 2012||Filled under Iraq Daily News|
BAGHDAD / JD / .. A senior official at the International Finance Corporation of the World Bank that the corporation is planning to increase its investments in Yemen, Iraq and North Africa next year to help support development and job creation.
Said Vice President of the Foundation for Europe, the Middle East and North Africa Dimitris Tsetserajus’s (CNBC ): The company plans to invest nearly $ 100 million next year in Iraq OPEC member which holds the fourth largest oil reserves in the world.
Said Tsetserajus “invested so far $ 400 million in Iraq and plan to invest more next year.
Explained: Foundation provided Last year credit facility for seven years worth $ 400 million for Zain Iraq, a company for mobile phone services subsidiary of Kuwait’s Zain has also invested in AUB largest bank in Iraq in terms of market value.
The Foundation since early last year to arrange financing worth $ 450 million for Orascom Construction and Industry, in addition to funding worth $ 137 million to Hikma Pharmaceuticals Jordan and loan $ 50 million to cement company French Lafarge to expand its activities in Iraq.
Added: Middle East and North Africa need to create 50 to 70 million jobs in the next decade.
Believes institution that invest in private sector development in emerging economies, with particular emphasis on small and medium enterprises opportunities in infrastructure, energy, education and health care in the Middle East and North Africa.
Said Tsetserajus that the Middle East and North Africa is a priority strategy of the institution, of course depends a lot of things on the circumstances market, but we aim to keep our program at the current level and we hope to be strengthened.
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