The International Finance Corporation (IFC) is investing in Aloreen Company for Investments Limited to expand operations at the Umm Qasr Port — Iraq’s only deep-water port.
The funding will be used to buy new equipment and increase the port’s capacity so it can handle more cargo and support growing trade.
What the investment will fund
The financing will help purchase:
- Four ship-to-shore cranes
- Ten rubber-tyred gantry cranes
With this equipment, the terminal’s annual handling capacity is expected to rise by more than 50% — from 550,000 containers to about 830,000 containers per year (measured in twenty-foot equivalent units, or TEUs).
Why this matters
Umm Qasr is one of Iraq’s main gateways for imports and exports. Increasing its capacity will help reduce delays, move goods faster, and support economic activity.
The investment also fits into Iraq’s bigger plan known as the Development Road Project. This national project aims to turn Iraq into a major transport route linking the Gulf region to the Turkey border and eventually to **Europe.
Support for Iraq’s economic goals
According to Emin Bulent Ikiisik from the IFC, the project supports three major goals for Iraq:
- Strengthening the private sector
- Reducing dependence on oil
- Creating new jobs
The investment also builds on earlier support from IFC. In 2021, the organization helped finance the development of a more efficient terminal at Umm Qasr to reduce ship waiting times.
Long-term impact
The project is part of the broader strategy of the World Bank Group to support Iraq’s economic diversification and infrastructure development.
Since 2005, IFC investments in Iraq have helped create more than 28,000 jobs, including around 5,000 jobs for women, while improving infrastructure, expanding access to finance, and supporting industries such as manufacturing and food production.
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