Baghdad, Iraq, June 11, 2014
—IFC, a member of the World Bank Group, is investing in a leading logistics company, to help expand its operations into Iraq. This will support economic development, facilitate international trade, and create jobs.
IFC is making a $5 million equity investment to help Nafith International manage freight in four major Iraqi ports, and across national borders. A specially designed system will help process trucks quickly and easily, saving time and reducing costs. This will support cross border trade, which is crucial to developing a diverse economy, making Iraq less reliant on the oil sector.
“The investment from IFC will help us expand into new markets, providing valuable services to developing economies,” said Sameer Mubarak Chairman of Nafith International.
The project involves the construction of a major truck yard near Umm Qasr port, which handles more than 50 percent of Iraq’s container traffic, and two smaller yards to serve Abou Floos, Maaqal, and Khor Al Zubeir ports.
“Improving infrastructure is a priority for IFC in the region and particularly in conflict affected countries like Iraq,” said Ziad Badr, IFC Country Officer in Iraq “The solution that Nafith provides would be beneficial for countries with similar challenges.”
Nafith’s system was able to help Aqaba port in Jordan reduce costs by around 20 percent, and significantly increase port efficiency. Today over 3,500 truck movements are managed on a daily basis, compared to 2,200 when Nafith first became involved.
The initiative is part of IFC’s wider strategy that seeks to support economic diversification and job creation in Iraq’s non-oil sectors. Between 2011 and 2012, IFC committed up to $500 million, including the mobilization of $245 million to develop the manufacturing, infrastructure, and financial markets sectors.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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About Nafith International
Nafith International provides innovative solutions to the freight and logistics sectors in developing countries, helping nations increase the speed of truck processing within ports, border crossings, customs centers, and logistics hubs. Nafith uses advanced technology in its operations, and is a pioneer in the provision of RFID technology for the logistics sector.
