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DEG and Finnfund invest in Iraqi network operator


Following the destruction caused by war in recent years, one of the major challenges faced by Iraq is in telecommunications.

Atheer Telecom Iraq, Iraq’s leading mobile network provider, is known by its brand name Zain Iraq. Zain Iraq, a member of Kuwait-based Zain Group, has been operating in Iraq since 2004.

DEG and Finnfund participate in a comprehensive finance package worth USD 269 million arranged by the International Finance Corporation (IFC), a member of the World Bank Group. The financing will allow Zain Iraq to modernize its network in Northern Iraq as well as enhancement to the capacity and quality of its existing 3G network in other parts of the country.

This financing from IFC and partners will help us strengthen our footprint, modernize infrastructure and provide a better quality of service to our customers, said Ali Al-Zahid, the CEO of Zain Iraq. It will also enhance access to higher quality broadband, a key enabler of broad economic activity, for both consumers and businesses.

Read more on DEG and Finnfund websites.

Photo credit: ©DEG