The International Finance Corporation (IFC), a member of the World Bank Group, announced a partnership with Aloreen Company for Investment to invest $120 million in Iraq’s Umm Qasr Port.
The project will support the acquisition of new container handling equipment and expand yard capacity.
Development is being carried out in collaboration with Terminal Investment Limited Holding, a subsidiary of Mediterranean Shipping Company.
International Finance Corporation (IFC) is a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets. It provides capital and advisory services to foster private investment and sustainable growth.
Aloreen Company for Investment is a private Iraqi investment entity engaged in infrastructure and logistics development projects in the country.
Terminal Investment Limited Holding (TiL) is a Switzerland-based global container terminal operator and a subsidiary of Mediterranean Shipping Company, one of the world’s largest shipping lines. It develops and manages container terminals worldwide.
Umm Qasr is Iraq’s main deep-water commercial port, located in the Basra Governorate, serving as a critical hub for the country’s imports and exports.