Iraq Development Fund: We succeeded in attracting investments worth $100 billion

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[size=52]Iraq Development Fund: We succeeded in attracting investments worth $100 billion[/size]

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2024/10/23
Baghdad:
The Prime Minister's Advisor for Investment Affairs, Mohammed Al-Najjar, confirmed the government's success in attracting investments worth $100 billion. While explaining the most important features of the contract with Elsewedy Electric Company, which was recently signed, he confirmed that it includes investments worth $5 billion and the establishment of 3 industrial cities. Al-Najjar, who also holds the position of Director of the Iraq Development Fund, said in a press statement that Iraq has attracted more than $100 billion in direct investments during the past two years, and we are at the beginning of the road, and there are other projects with large sums and in various sectors. He added that the recent contract with Elsewedy Electric Company is promising, and we expect its investments in Iraq to reach $5 billion spread across Iraq, and the contract with it includes opening a joint Iraqi-global fund specialized in introducing industry and advanced education to the country within projects to establish an industrial and economic city to attract investors in addition to other various projects. He continued that the contract is pioneering in its kind and the main idea in it indicates that the fund enters as a representative of the Iraqi government and we open investment opportunities for Iraqi investors, Iraqi citizens and Gulf funds to prepare another fund to localize smart industry in Iraq.
He explained that there are three possibilities for the location of the economic city because we took into consideration that the city serves the workers and the cities and governorates surrounding the city and we are currently studying 3 regions in central and southern Iraq. Earlier, the Iraq Development Fund announced last Monday the signing of a memorandum of understanding with the Egyptian global company Elsewedy Electric, which aims, according to the fund, to establish an Iraqi investment fund under the name (the Settlement Fund) to attract local and international investments to develop strategic projects in various sectors, and also to develop economic alternatives in various fields such as agriculture, industry, and services to reduce dependence on oil.[/size]
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