The World Bank’s International Finance Corporation (IFC) has signed a $500 million investment contract with Iraq’s Basrah Gas Company to fund energy development and expand facilities at Umm Qasr, the country’s largest port.

The Iraqi prime minister’s office confirmed the agreement on Saturday.

Iraq’s state news agency reported that the deal includes associated gas projects and the development of port infrastructure at Umm Qasr, but did not share further details of the contract.

In a separate statement, Basrah Gas Company described the new loan as funding “one of its most significant projects.” The company said the investment will help reduce gas flaring and provide a stronger foundation for the Iraqi economy.

This is not IFC’s first financial partnership with Basrah Gas. In 2021, the company received a $360 million loan from IFC to build a gas liquids plant, which was completed earlier this year, supporting Iraq’s efforts to improve energy production and efficiency.

Reference: Reuters

Source: www.marineinsight.com