Iraq signs $1bn investment deals with World Bank's IFC

Baghdad: Iraq signed on Saturday investment deals worth $1 billion in its energy, agriculture and finance sectors with the World Bank s private sector...

Baghdad: Iraq signed on Saturday investment deals worth $1 billion in its energy, agriculture and finance sectors with the World Bank's private sector arm, as the country seeks to build on its economic recovery following years of unrest.

At a ceremony marking two decades of the International Finance Corporation's presence in Iraq, Prime Minister Mohammed Shia al-Sudani announced the new contracts with his country's private and public sectors.

In a statement, the IFC announced "$1 billion in new investments and engagements in energy, infrastructure, agribusiness, and finance". "Attracting foreign capital has contributed to supporting Iraq's economic stability," Sudani said.

Sudani's media office said the deals include a $500 million contract to invest in associated gas -- the excess of natural gas released during oil drilling -- and development of gas facilities in the southern province of Basra.

Iraq has been trying to move past decades of war and unrest, but it still suffers from poor infrastructure, failing public services, mismanagement and endemic corruption.