Latest news with #IraqDevelopmentFund
Iraq Business
01-07-2025
- Business
- Iraq Business
New Vision Approved for Baghdad Metro Project Execution
By John Lee. Prime Minister Mohammed Shiaa Al-Sudani has directed the completion of all procedural requirements for the Baghdad Metro project under a revised implementation framework. During a high-level meeting on Sunday with the Head of the Iraq Development Fund, the Mayor of Baghdad, and the Prime Minister's Advisor, the PM reviewed a new strategic approach for delivering the capital's long-awaited metro system. According to a press release from the Prime Minister's Office, previous company bids were rejected, prompting a shift in strategy toward a global best-practice model. It added that the revised plan entails forming partnerships between the Iraqi government and both local and international investors, with execution to be carried out by world-class firms. The approach includes integrated development across infrastructure, consultancy, transit systems, and environmental, social, and economic assessments. Al-Sudani emphasised the importance of the metro as a critical infrastructure project and instructed stakeholders to finalise related consultancy studies in preparation for further decisions at the next meeting. (Source: PMO)
Iraq Business
04-06-2025
- Business
- Iraq Business
Japan Reaffirms $21bn Commitment to Iraq, Signs Coop Agreement
By John Lee. Japan's Ambassador to Iraq, Akira Endo, has reportedly reaffirmed his country's support for Iraq, announcing over $21 billion in economic cooperation projects since 2003. Speaking at the signing ceremony of a new agreement between the Iraq Development Fund and the Japan Cooperation Center for the Middle East (JCCME), he emphasized Japan's ongoing commitment to improving Iraq's investment climate and attracting foreign companies. According to the state-run Iraqi News Agency (INA), the ambassador noted that Japan has been the top donor to Iraq in recent years, primarily via yen loans supporting infrastructure in electricity, water, sanitation, and oil. He highlighted the role of JCCME over the past decade in bridging Japanese companies with opportunities in Iraq through business seminars, sector-focused delegations, and training for Iraqi officials in Japan. He added that the six priority sectors identified by the Iraq Development Fund-education, agriculture, housing, digital transformation, manufacturing and food security, and environment-are aligned with Prime Minister Mohammed Shia' Al-Sudani's government priorities and match areas of Japanese expertise. (Source: INA)
Iraq Business
03-06-2025
- Business
- Iraq Business
UK's Agrium Capital to Build Infant Formula Plant in Iraq
By John Lee. The Iraq Development Fund has reportedly signed a memorandum of understanding with British firm Agrium Capital to establish Iraq's first modern infant formula production facility, with a planned capital expenditure exceeding $200 million. The plant, which will use locally sourced ingredients including Iraqi milk, is expected to meet 85 percent of the domestic market's demand, reducing Iraq's reliance on imports and enabling improved quality oversight. State-run Iraqi News Agency (INA) quotes Agrium Capital Managing Director, Rod Bassett, as saying that the company operates globally with around 3,000 employees and is now focusing on food security and renewable energy. He emphasised Iraq's strategic importance and noted the company's 15-year presence in the Iraqi market. The factory will have a production capacity of 25,000 tonnes annually, and is the first in a series of planned investments in Iraq's industrial sector. (Source: INA)
Iraqi News
03-06-2025
- Business
- Iraqi News
Iraq, Japan sign agreement to support investment
Baghdad ( – In a significant effort to enhance collaboration between the private sectors of Iraq and Japan, Mohammed Al-Najjar, the head of the Iraq Development Fund, announced on Monday that Iraq and Japan have signed a Memorandum of Understanding (MoU) titled 'Logistics Cooperation to Support Investment.' In a statement to the Iraqi News Agency (INA), Al-Najjar clarified that the step promotes Iraqi-Japanese relations through broader participation by the private sectors in both countries. The agreement that aims to boost cooperation between the Iraqi and Japanese private sectors by sharing and exchanging information, as well as supporting, promoting, and coordinating business operations, was signed between the Japan Cooperation Center for the Middle East (JCCME) and the Iraq Development Fund. Al-Najjar described the agreement as significant, stating that it will create new opportunities and result in the establishment of two centers: one in Japan that represents the Iraq Development Fund and another in Iraq that represents the JCCME. The MoU establishes an Iraqi-Japanese platform that offers up new possibilities in terms of training and collaboration, according to Al-Najjar. For more than a decade, the JCCME has worked to promote trade and investment between Japan and Iraq through activities that aim to improve Japanese companies' understanding of Iraq, according to the Japanese Ambassador to Iraq, Akira Endo. Endo added that the JCCME helped organize annual Iraqi business seminars, sent delegations to critical industries in Iraq, and organized training programs in Japan for Iraqi authorities.
Iraqi News
02-06-2025
- Business
- Iraqi News
Iraq signs $200 million deal with British firm to build baby formula plant
Baghdad ( – The Iraq Development Fund and Britain-based Agrium Capital signed a memorandum of understanding (MoU) on Monday to set up the first modern baby formula plant in Iraq. During a ceremony held in Baghdad to sign the MoU, director of the Iraq Development Fund, Mohammed Al-Najjar, stated that the step is critical for the future of Iraqi youth, as Iraq sees an annual growth in the number of births that exceeds one million children, the Iraqi News Agency (INA) reported. Many imported brands of baby formula have little nutritional content; thus, this initiative is essential for the health of Iraqi infants and future generations, according to Al-Najjar. The Iraqi official explained that the plant will be built in Iraq and will use locally produced raw materials, such as milk, to manufacture premium branded baby formula with excellent nutritional content. Al-Najjar illustrated that Iraq not only relies on imported infant formula but also lacks a comprehensive mechanism for verifying its quality. Having a facility inside the country allows Iraqis to derive economic benefits from the country's cattle while also ensuring excellent quality control. Agrium Capital works on projects in many countries. The firm employs roughly 3,000 people and has considerable experience in producing infant formula, thanks to its various specialized plants across the world. With a capital investment of more than $200 million, the factory is intended to be extremely sophisticated. It is expected to have a manufacturing capacity of up to 25,000 tons, which is sufficient to meet 80 to 85 percent of the Iraqi market's requirements.
