Through strengthened cooperation with Government of Iraq, DFC aims to invest $1 billion in private sector-led development across country
WASHINGTON – U.S. International Development Finance Corporation (DFC) Chief Executive Officer Adam Boehler today joined Iraqi Prime Minister Mustafa al-Kadhimi and Minister of Finance Ali Abdul-Amir Allawi to sign a memorandum of understanding (MOU) strengthening cooperation in support of private sector-led development across Iraq. Through enhanced collaboration with the Government of Iraq, DFC aims to invest $1 billion over four years in private sector projects that promote prosperity and stability across the country.
“DFC’s investments in private sector growth will support near-term economic needs while paving the way for Iraq’s long-term prosperity and stability,” said Boehler. “DFC is committed to partnering with the Government of Iraq to enhance the impact of its investments and ensure that they promote inclusive growth.”
Prime Minister Kadhimi welcomed the signing of this MOU stressing the importance of DFC as a bridge to mobilizing U.S. investment into Iraq. “We have been looking forward to more U.S. investment into Iraq and we have confidence that this MOU will be the way forward,” said Kadhimi. “We also look forward to the technical assistance that will be provided by DFC and other U.S. entities.”
The MOU signed today aims to leverage the collective tools, resources, and expertise of DFC and the Government of Iraq to more proactively and effectively support private sector investment in the country. The two parties will work together to identify, review, and monitor investments.
Through strengthened cooperation, DFC aims to invest $1 billion over four years, with a goal of mobilizing an additional $5 billion from the private sector alongside the agency’s investments. DFC and the Government of Iraq will focus on investments that advance mutual development goals, including investments in energy, financial services, health, housing, and agriculture.
DFC’s current investments in Iraq surpass $280 million across sectors such as energy and financial services. The agency has invested more than $700 million in the country since 2004.
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U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.