Baghdad, Iraq, March 1, 2011
IFC, a member of the World Bank Group, is supporting economic growth and expanded access to telecommunications services in Iraq through a landmark $400 million, seven-year debt facility for Zain Iraq, the country’s largest mobile phone operator. Zain Iraq is a subsidiary of Kuwait-based telecommunications operator Zain Group, a longtime IFC partner. Zain is the pioneer in delivering high-quality and innovative communications services across the Middle East.
Over the last four months, with the support of Zain Iraq, IFC mobilized the $400 million debt facility, which consists of an IFC (A) loan of $155 million, a $50 million (B) loan committed by Ahli United Bank, and four syndicated parallel loans totaling $195 million by Proparco, Infrastructure Crisis Facility, DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH, and FMO (Netherlands Development Finance Co).
The long-term debt facility will help Zain Iraq expand service coverage and improve telecommunications quality throughout Iraq, help unlock opportunities for entrepreneurship and innovation, and increase employment in a key, industry which has enormous multiplier effect across many other industries.
To read the complete press release in Arabic and English, please click here