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The World Bank provides $130 million to a private cement industry company
Iraq 01/15/2024
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Baghdad: Omar Abdul Latif
The International Finance Corporation, the investment arm of the World Bank, provided a long-term financing package worth up to $130 million to the Iraqi Doha Cement Industries Company.
Ashraf Mujahid, Director of the Manufacturing, Agricultural Industries and Services Sector at the International Finance Corporation in the Middle East, Central Asia, Turkey, Afghanistan and Pakistan, told Al-Sabah: The financing aims to achieve growth alongside reducing carbon emissions, and the institution aims to enable one of the largest private sector companies to... Iraq can play a pioneering role in diversifying the economy and enhancing reconstruction efforts, while at the same time supporting sustainable development.
He added that the financing will help Al Doha Company expand its production capacity by 1.9 million tons annually, enabling it to reach the full production capacity of about 3.0 million tons of cement by the end of 2025, indicating that of the total financing provided, up to $25 million will be mobilized. From the program directed to the joint lending portfolio, which is the institution’s program for joint loans provided to institutional investors. The company's expansion is expected to create more than 2,700 direct and indirect job opportunities, especially in the cement value chain.
He stressed that the financing encourages the use of energy-efficient technologies in accordance with the Paris Agreement, noting that the company plans to introduce a new high-thermal efficiency furnace, a new electricity generation station that uses natural gas as a primary fuel instead of heavy fuel, and a new system to recover lost heat to generate electricity. For his part, the Chairman of the Board of Directors of the Doha Iraqi Cement Industries Company, Hatem Al-Khawam, expressed his gratitude for the good relationship with the International Finance Corporation, expressing his aspiration to build a long-term joint relationship in this project and subsequent projects.
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