The International Finance Corporation (IFC), a member of the World Bank Group, is investing in Aloreen Company for Investments Limited (Aloreen) to finance new port equipment and expand capacity at the port of Umm Qasr, one of Iraq’s main ports and its only deep-water gateway. The project aims to address the rising demand for port services, strengthen connectivity and regional integration between Iraq and its neighboring countries, boosting trade and creating jobs.

IFC’s financing package will support the company to procure and finance four ship-to-shore cranes, ten rubber-tyred gantries, and increase the terminal’s annual handling capacity by over 50 percent from 550,000 to 830,000 containers (measured in twenty-foot equivalent units).

The new financing follows an original financing package IFC committed in 2021 to Aloreen to help develop a new and efficient terminal which aimed to reduce vessel turnaround times.

This project supports Iraq’s planned Development Road Project, a national initiative to transform the country into a pivotal transport hub by connecting the Gulf region through Iraq to the Turkish border and onward to Europe, fostering regional integration and connectivity.

“IFC is spearheading the World Bank Group’s efforts to support Iraq’s private sector as the country enters a new chapter of development, aiming to become a regional trade hub, reduce its dependency on oil, and create the jobs needed for growth,” said Emin Bulent Ikiisik, IFC’s Acting Regional Industry Manager for Infrastructure in the Middle East, Pakistan and Afghanistan. “This investment advances all three goals while enhancing port services, bringing Iraq closer to realizing its vision.”

The proposed investment aligns with World Bank Group’s Country Partnership Framework in Iraq, which sets the roadmap for engagement and highlights reform pillars, prioritizing infrastructure upgrades to catalyze future industries, spur economic diversification, and attract investment, including in the transport sector.

Since 2005, IFC’s investments have created over 28,000 jobs—including 5,000 for women—while strengthening infrastructure, expanding access to finance, supporting manufacturing, and enhancing food security.

IFC’s financing package totals up to $120 million from IFC’s own account and the Managed Co-Lending Portfolio Program (MCPP). Since 2005, IFC has invested and mobilized more than $2.5 billion for projects in Iraq.
Source: International Finance Corporation (IFC)