Sign In / Up

Add contribution as a guest

Your email will not be displayed publicly
Benefit of signing in/signing up to personalize comment

Comment as a guest

Your email will not be displayed publicly
Benefit of signing in/signing up to personalize comment

Login

Not a member Register   Forgot Password
or connect using
 

Email

 

Rudaw

Business

Zain Iraq to receive $269 million to rehabilitate telecom services

By Rudaw 26/6/2018
A person holds a mobile phone. File photo AFP | Mohd Fyrol
A person holds a mobile phone. File photo AFP | Mohd Fyrol
ERBIL, Kurdistan Region – The International Finance Corporation (IFC), sister company of the World Bank, announced plans to invest $269 million in Zain Iraq to improve telecommunications and stimulate economic growth.

"This financing from IFC and partners will help us strengthen our footprint, modernize infrastructure, and provide a better quality of service to our customers," Ali Al-Zahid, CEO of Zain Iraq said in statement released by the World Bank Group on Tuesday. 

"It will also enhance access to higher quality broadband, a key enabler of broad economic activity, for both consumers and businesses," Al-Zahid added.

IFC produced a debt package which included $100 million from its own account and another $169 million in mobilized loans from the Arab Bank and other lending partners such as DEG and Finnfund.

With IFC's contribution to Zain Iraq, a leading mobile network in the region, the company will be able to enhance the quality and capacity of its network, expand coverage areas across Iraq as well as modernize networks in the Kurdistan Region.

The investment will support Zain Iraq's grown plan over a seven year period, as long-term financing options in the war-torn country are limited and volatile.

Years of conflict and instability in the region has caused Iraq to become one of the least developed telecommunications markets in the Middle East resulting in telecom companies abstaining from investing in much needed infrastructure to carry out operations.

IFC also hopes to send a message to other players domestically and internationally that investing in infrastructure is imperative to the reconstruction process following three years of occupation under ISIS and military efforts to rid the country of the terror group.

"Supporting infrastructure development in Iraq is an essential building block of the reconstruction effort," said Mouayed Makhlouf, IFC Regional Director for the Middle East and North Africa.

He added that restoring and enhancing telecommunications infrastructure can have a "substantial multiplier effect on the economy through increased connectivity and reduced transaction costs, enhanced flows of information, and more efficient and effective matching of market players, among many other much needed benefits."

IFC is the largest global institution focused exclusively on improving the private sector in developing countries. Zain Iraq has been a partner of IFC since 2011.

Comments

 
Post a New Comment
Comment as a guest or Login for more enhanced interactive experience

Be Part of Your Rudaw!

Share your stories, photos and videos with Rudaw, and quite possibly the world.

What You Say

Outsider | 7/15/2018 4:39:09 AM
@peshmerger4life: I have to disagree... and before putting out such claims... how would it be if you get rid of your own diktatorship????
Peshmerga | 7/16/2018 3:18:55 AM
@outsider,1 it is true that the Turkish goverment was behind giving aid to isis.united states even said thay(look up joe Biden turkey on youtube)2...
Turkey at NATO: Russia understood YPG is a 'real terrorist organization'
| 11/7/2018 | (8)
Caesar | 7/15/2018 10:27:47 PM
I believe Kurds don’t know how to make use of human capital, of their own human capital at all while for instance Turks Arabs and Iranians are much...
Kawa | 7/16/2018 2:45:10 AM
This is a very poor piece that lacks factual information and is based on speculations and obviously views that are preserved by Dr. Ghassemlou’s...
Ghassemlou: Assassinated KDPI leader was a flower – with thorns
| yesterday at 08:11 | (4)
Trump | 7/16/2018 12:09:22 AM
Mogherini looks more like a waitress than a politician. It’s disturbing that Eu parliament is full of housewives, magazine sellers horrible teachers...
Conditioned support for preserving Iran nuclear deal remains
| 6/7/2018 | (1)
UN? | 7/13/2018 8:30:33 AM
I wonder where these clever people are getting their ideas and figures from. I am not sure their ideas and figures are set to fool the people or they...
Zeki | 7/15/2018 11:56:46 PM
Guterres must be smoking bad Afghan shit. The hole Muslim world was first backstabbed and raped by Turks and since a century by Europe and since the...
Stability of Iraq is vital to regional security: UN’s Guterres
| 12/7/2018 | (2)

Elsewhere on Rudaw

Abadi supports peaceful protests, condemns violence in Najaf meeting 11 hours ago |

Abadi supports peaceful protests, condemns violence in Najaf meeting

Protesters are demanding better access to water, more
US to arm two more Peshmerga brigades – if Baghdad permits it 11 hours ago |

US to arm two more Peshmerga brigades – if Baghdad permits it

The US assistance is part of a program more
Iran arrests ISIS cell in Zanjan: intelligence chief 12 hours ago |

Iran arrests ISIS cell in Zanjan: intelligence chief

The team leader's brother "was in ISIS and was more
0.422 seconds