Iraq is planning to create joint investment funds with Saudi Arabia, Japan and Italy with the aim of financing development projects in Iraq, an official was quoted on Thursday as saying.

The projects will support a development fund created by Iraq to finance domestic projects with a capital of one trillion Iraqi dinars ($765 million), said Mohammed Al-Najjar, an investment adviser to Iraq’s Prime Minister Mohammed Al-Sudani.

Najjar, quoted by Aliqtisad News network during an investment seminar in Erbil, Kurdistan, said Iraq needs such facilities to fund growing domestic needs.

He said Iraq is planning building 1,000 new schools and enter partnerships with the private sector to meet housing demand estimated at 3.5 million units.

“The Iraqi government is currently discussing with a number of global funds an idea to form joint funds with them….there is now a proposal to set up such joint funds with Japan, Saudi Arabia and Italy,” Najjar said.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.