Zain Iraq (Atheer Telecom Iraq Limited)
Region and country of operations: The Middle East, Iraq
Jurisdiction of registration: Cayman Islands
Business sector: Information technology
Date of agreement (month/year): 5/2018
Finnfund’s financing: USD 19,000,000
Share of Finnfund’s financing: 7%
Size of project/financing: USD 269,000,000
Environmental and social category: B
In May 2018 Finnfund granted a USD 19 million loan to Iraq’s leading mobile network operator, Atheer Telecom Iraq, better known by its commercial name Zain Iraq. The loan is part of a debt package which is syndicated by IFC, a member of the World Bank group. The financing allows 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.
Main development impact
The reconstruction of Iraq is estimated to require up to USD 100 billion worth of private investments in basic infrastructure and services. With its investment, Finnfund contributes to improved connectivity between Iraqis through mobile networks. Research shows that access to to mobile services accelerates economic growth and reduces inequality.