Baghdad officially launches the Iraq Development Fund
A school in Iraq. Photo: INA
Baghdad (IraqiNews.com) – The Iraq Development Fund announced on Sunday that a school construction project will be launched soon, indicating that it will carry out projects in six sectors.
The Fund’s CEO, Muhammad Al-Najjar, told the Iraqi News Agency (INA) that one trillion dinars (approximately $764.3 million) are allocated annually to the Fund.
The Fund is expected to play an important role in diversifying the Iraqi economy, introducing the latest technologies, and using administrative expertise.
Al-Najjar explained that the Fund has six funds, which are the Environment Fund, the Digital Transformation Fund, the Housing Fund, the Industry Fund, the Agriculture Fund, and the Education Fund.
The Japanese Ambassador to Iraq, Futoshi Matsumoto, congratulated Al-Najjar for being appointed as the CEO of the Iraq Development Fund.
“I hope that this newly created fund will enhance the Iraqi private sector through the support of foreign companies, including Japanese ones,” Matsumoto said via X, formerly Twitter.
“I strongly believe that the stability of Iraq is increasingly important to bring about tangible benefits for all Iraqi people because capital is always a coward as it moves easily to safer places,” the Japanese Ambassador added.
The Iraq Development Fund’s CEO elaborated that the school construction project will be launched within two or three weeks.
Al-Najjar clarified that the Fund will focus on activating the role of the private sector in strategic and development projects, which was not previously happening.