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[size=36]World Bank Foundation to Invest $ 269 Million in Iraq[/size]
12:49 - 26/06/2018
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BAGHDAD - The balance of News
announced that the International Finance Corporation , a member of the World Bank Group, on Tuesday, provided financing worth $ 269 million Zain Iraq to help rebuild the telecommunications sector and drive economic growth in the country 's package.
"The International Finance Corporation (IFC) has provided $ 269 million in funding, including $ 100 million from the Foundation's account, $ 169 million from the Arab Bank and a loan," UNAMI said in a statement received by Mawazine News. Of the IFC-supported lending program. "
"The loan is a new platform that provides institutional investors with the ability to participate in IFC's main loan portfolio. Financing also includes a parallel loan from DEG and Finnfund.
"This funding aims to help Zain Iraq to enhance the capabilities and quality of its 3G network, expand coverage to areas not covered by the service, and help the company modernize its network and improve its services in northern Iraq."
"Supporting the development of infrastructure in Iraq is essential to complete reconstruction efforts," said Moayad Makhlouf, Regional Director for the Middle East and North Africa at IFC.
"Restoring and strengthening the network infrastructure can have a multiplier effect on the economy by increasing communication capabilities, reducing transaction costs, enhancing information flow, more efficient and efficient interoperability between companies operating in the market, and many other benefits it needs. The Iraqi market significantly. "
IFC's investment, a seven-year loan in a country where financing options remain limited, will support Zain's growth plans and at the same time send a positive signal to local and international companies at this critical stage in the process of regaining growth Economic situation in the country
"The International Finance Corporation (IFC) has provided $ 269 million in funding, including $ 100 million from the Foundation's account, $ 169 million from the Arab Bank and a loan," UNAMI said in a statement received by Mawazine News. Of the IFC-supported lending program. "
"The loan is a new platform that provides institutional investors with the ability to participate in IFC's main loan portfolio. Financing also includes a parallel loan from DEG and Finnfund.
"This funding aims to help Zain Iraq to enhance the capabilities and quality of its 3G network, expand coverage to areas not covered by the service, and help the company modernize its network and improve its services in northern Iraq."
"Supporting the development of infrastructure in Iraq is essential to complete reconstruction efforts," said Moayad Makhlouf, Regional Director for the Middle East and North Africa at IFC.
"Restoring and strengthening the network infrastructure can have a multiplier effect on the economy by increasing communication capabilities, reducing transaction costs, enhancing information flow, more efficient and efficient interoperability between companies operating in the market, and many other benefits it needs. The Iraqi market significantly. "
IFC's investment, a seven-year loan in a country where financing options remain limited, will support Zain's growth plans and at the same time send a positive signal to local and international companies at this critical stage in the process of regaining growth Economic situation in the country
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