The International Finance Corporation (IFC), a member of the World Bank Group, is investing in Aloreen Company for Investments Limited to finance new port equipment and expand capacity at the port of Umm Qasr, one of Iraq’s main ports and its only deepwater gateway.
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The project aims to address the rising demand for port services and strengthen connectivity and regional integration between Iraq and its neighbouring countries, boosting trade and creating jobs.
IFC’s financing package will enable the company to procure and finance four ship-to-shore container cranes and ten rubber-tyred gantry cranes, which will increase the terminal’s annual container handling capacity by over 50 per cent, from 550,000 TEUs to 830,000 TEUs.
The new financing arrangement follows an original financing package which IFC committed in 2021 to Aloreen to help develop a new and efficient terminal which aimed to reduce vessel turnaround times.
“IFC is spearheading the World Bank Group’s efforts to support Iraq’s private sector as the country enters a new chapter of development, aiming to become a regional trade hub, reduce its dependency on oil, and create the jobs needed for growth,” said Emin Bulent Ikiisik, IFC’s Acting Regional Industry Manager for Infrastructure in the Middle East, Pakistan and Afghanistan. “This investment advances all three goals while enhancing port services, bringing Iraq closer to realising its vision.”