Baghdad: Iraq signed investment contracts worth $1 billion with the International Finance Corporation (IFC) today, Saturday. The IFC, a member of the World Bank, focuses on the private sector in developing countries. This move comes as Baghdad seeks to attract much-needed investment.

According to Yemen News Agency, during the signing ceremony for investment and development contracts with both the private and public sectors in Iraq, Iraqi Prime Minister Mohammed Shia' Al-Sudani highlighted the importance of partnership with the IFC. He noted the presence of a highly capable private sector that has demonstrated effective participation in reconstruction and development projects, while navigating various forms of bureaucracy, corruption, and security challenges.

The IFC stated in a press release that the investments will cover energy, infrastructure, agricultural industries, and finance sectors. Al-Sudani's office added that the agreements include a contract for associated gas investment and the development of Umm Qasr Port facilities with Ghaza Basra Company, valued at $500 million.

The IFC has been operating in Iraq since 2005, investing more than $2.5 billion to date. Iraq has recently regained some stability, and authorities hope to attract investment across all sectors.