IFC Boosts Iraq’s Energy Potential with $500 Million Deal

The International Finance Corporation has signed a $500 million contract with Iraq's Basrah Gas Co. to invest in associated gas projects and facility development at Umm Qasr port, aiming to reduce gas flaring and bolster Iraq's economy.

The International Finance Corporation (IFC) entered into a $500 million investment agreement with Basrah Gas Co. in Iraq, focusing on associated gas projects and facility enhancement at Umm Qasr port, the prime minister's office reported.

The Basrah Gas Co. later confirmed that this funding will contribute to one of its most significant projects aimed at minimizing gas flaring and strengthening Iraq's economic infrastructure.

This follows a previous $360 million loan in 2021 that helped establish a gas liquids plant, which reached completion earlier this year.

(With inputs from agencies.)