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
Issued by Zain Group Corporate Communications Department
www.zain.com
info@zain.com
