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Funding secured to expand Iraq’s only deepwater port
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Funding secured to expand Iraq’s only deepwater port
The operator of Umm Qasr, the only deepwater port in Iraq, has secured new funding for the facility’s upgrading and expansion. International Finance Corporation (IFC), a member of the World Bank Group, has granted a $120 million loan to operator Aloreen Company for Investments to develop an efficient terminal that aims to reduce vessel turnaround times. The financing package will help the company gain equipment to increase the terminal’s annual …
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