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 Umm Qasr, one of Iraq’s main ports and its only deep-water gateway.  

The project aims to meet the rising demand for port services while strengthening connectivity and regional integration between Iraq and neighbouring countries. 

The financing package totals up to US$120 million from its own account and the managed co-lending portfolio programme ( MCPP ). 

It will allow Aloreen to procure and finance four ship-to-shore cranes, ten rubber-tyred gantries, and increase the terminal’s annual handling capacity by over 50% from 550,000 to 830,000 containers ( measured in 20-foot equivalent units ). 

The new investment follows an original financing package IFC committed to Aloreen in 2021 to help develop a new and efficient terminal, which aimed to reduce vessel turnaround times. 

This project supports Iraq’s planned Development Road Project, a national initiative to transform the country into a pivotal transport hub by connecting the Gulf region through Iraq to the Turkish border and onwards to Europe, fostering regional integration and connectivity. 

“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,” says 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 realizing its vision.” 

The proposed investment aligns with the World Bank Group’s Country Partnership Framework in Iraq, which sets the roadmap for engagement and highlights reform pillars, prioritizing infrastructure upgrades to catalyze future industries, spur economic diversification, and attract investment, including in the transport sector. 

Since 2005, IFC has invested and mobilized more than US$2.5 billion for projects in Iraq.