Iraq signed on Saturday investment deals worth $1 billion in its energy, agriculture and finance sectors with the World Bank鈥檚 private sector arm, as the country seeks to build on its economic recovery following years of unrest.
At a ceremony marking two decades of the International Finance Corporation鈥檚 presence in Iraq, prime minister Mohammed Shia al-Sudani announced the new contracts with his country鈥檚 private and public sectors.
In as statement, the IFC announced 鈥�$1 billion in new investments and engagements in energy, infrastructure, agribusiness, and finance鈥�.
鈥楢ttracting foreign capital has contributed to supporting Iraq鈥檚 economic stability,鈥� Sudani said.
Sudani鈥檚 media office said the deals include a $500 million contract to invest in associated gas 鈥� the excess of natural gas released during oil drilling 鈥� and development of gas facilities in the southern province of Basra.
Oil-rich Iraq has been trying to move past decades of war and unrest, but it still suffers from poor infrastructure, failing public services, mismanagement and endemic corruption.
It has only recently regained a semblance of stability and authorities hope to attract investments across sectors.
According to the International Monetary Fund, the country鈥檚 鈥榥on-oil economic growth has been slow, constrained by low productivity, limited investment and an inefficient use of human capital鈥�.
During the ceremony, Sudani praised Iraq鈥檚 private sector for implementing projects 鈥榙espite bureaucratic issues, corruption and security challenges鈥�.
The Washington-based IFC says it has invested and mobilised more than $2.5 billion for projects in the country since 2005, during the height of the war that began with the US-led invasion.