Iraq cement company gets $130m to double production
- Date: 18-Jan-2024
- Source: AGBI
- Sector:Financial Services
- Country:Egypt
Iraq cement company gets $130m to double production
A major Iraqi cement manufacturer has secured financing of up to $130 million to support plans to more than double annual production. The International Finance Corporation (IFC), part of the World Bank, is investing in Al-Douh Iraqi Company for Cement Industries to create thousands of jobs and to bolster reconstruction efforts. IFC is providing a […]
IFC invests in Al-Douh
Creating 2,700 jobs
Iraq wants 52m tons a year
A major Iraqi cement manufacturer has secured financing of up to $130 million to support plans to more than double annual production.
The International Finance Corporation (IFC), part of the World Bank, is investing in Al-Douh Iraqi Company for Cement Industries to create thousands of jobs and to bolster reconstruction efforts.
IFC is providing a financing package in long-term debt to Al-Douh, which will enable the company to expand its cement production capacity to three million tons by the end of 2025.
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The expansion is expected to create more than 2,700 jobs.
Iraq’s minister of industry and minerals, Dr Khaled Battal Al-Najm, has called for a significant increase in cement production to 52 million tons per year to meet the rising