World Bank’s IFC signs $500 mln contract with Iraq’s Basrah Gas for port development

The World Bank’s International Finance Corporation (IFC) signed a $500 million investment contract with Iraq’s Basrah Gas Co. on Saturday for associated gas and the development of facilities at the Umm Qasr port, the prime minister’s office said.

In a later statement, the Basra Gas Co. said the loan will finance “one of its most significant” projects that will limit gas flaring and strengthen the Iraqi economy.

In 2021, the company signed a $360 million loan that was used to establish a gas liquids plant, which was completed earlier this year, the company added.