first major international project financing in the Iraqi ports sector

The first major international project financing in the Iraqi ports sector is underway.
first major international project financing in the Iraqi ports sector

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

“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,” said Clifford Chance.

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 expansion of Umm Qasr port, which is Iraq's primary deepwater 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 ro-ro capacity.

Partner Catherine McCarthy led the transaction. She 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."

Oct 6, 2021 14:08