UK Law Firm advises on Iraq Port Deal

By John Lee.

UK-based international law firm Clifford Chance has announced that it has advised International Finance Corporation (IFC) and Japan International Cooperation Agency (JICA) on the US$125 million financing of the development, construction, equipping and operation of both new and existing facilities at the Umm Qasr Port in Iraq.

In a press release, the company said:

This transaction represents the first major international project financing in the Iraqi ports sector, and one of the only international financings in Iraq to date outside of the oil and gas sector.

The facilities include a new container and roll-on-roll-off terminal in the port, to be developed by Aloreen for Investment, Ltd. (Aloreen), a subsidiary of Switzerland’s Terminal Investment Limited (TIL) group, as well as the rehabilitation and expansion of certain existing facilities operated by Aloreen.

Partner Catherine McCarthy led the transaction with support from Arabic-speaking associate Greg Jehle as well as associates Daniel Justus and Liz Wangu in Washington, DC. Partner Qudeer Latif, senior associate Angad Chaturvedi and associate Ahmed Shafiek provided counsel from Dubai.

McCarthy said, “It was terrific to guide IFC and JICA on this landmark transaction which represents a significant investment into Iraq’s infrastructure in support of international trade.

The expansion of the Umm Qasr port, which is Iraq’s primary deep water port for container traffic and serves a large portion of the Iraqi population, will facilitate Iraq’s integration into global markets and help to ensure access to essential goods for Iraqis. In particular, the development of the new terminal will substantially increase the port’s container handling and RORO capacity.

(Source: Clifford Chance)

The post UK Law Firm advises on Iraq Port Deal first appeared on Iraq Business News.
Source: Iraq News

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Final call for the Iraq Britain Business Forum

You are invited to attend the Iraq Business Forum on 27th September in Central Hall Westminster.

  • Hear from IBBC members and British companies.
  • Meet Iraqi businesses leaders interested to source products from the UK across multiple sectors.
  • Enjoy one to one business meetings.

The post Final call for the Iraq Britain Business Forum first appeared on Iraq Business News.
Source: Iraq News

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Baghdad hosts Conference on Recovery of Looted Funds

By John Lee.

An international conference on the recovery of looted funds has just concluded in Baghdad.

The conference was organised by Iraq’s Commission of Integrity, and was attended by Prime Minister Mustafa al-Kadhimi; the Secretary-General of the Arab League, Ahmed Abul Gheit; ministers, judges and other officials.

Praising the efforts of anti-corruption bodies, the Prime Minister urged other countries to cooperate in tracing and repatriating assets illegally smuggled out of Iraq.

(Sources: Commission of Integrity, Office of the Prime Minister)

The post Baghdad hosts Conference on Recovery of Looted Funds first appeared on Iraq Business News.
Source: Iraq News

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New Report: Expanding Access to Banks in Iraq

By John Lee.

The Institute of Regional and International Studies (IRIS) at the American University of Iraq, Sulaimani (AUIS) has issued a new report on the banking sector in Iraq.

Expanding Access to Banks in Iraq: Challenges & Pathways to Reform” argues that one of the major obstacles to the development of the private sector in Iraq is the lack of access to finance to support its growth.

The authors of the report are Ahmed Tabaqchali, Hamzeh al-Shadeedi, Muhammad Al-Waeli and Dr. Marsin Alshamary.

To read the full report, click here.

(Source: IRIS)

The post New Report: Expanding Access to Banks in Iraq first appeared on Iraq Business News.
Source: Iraq News

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