Zain Iraq II (IFC-39715)

  • Iraq
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
The holder of the loan, grant, or other investment.
  • Communications
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 300.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 348.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 12, 2018

Disclosed by Bank Jan 24, 2018

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

The proposed investment will be mainly used to support the investment program of the company throughout 2019, including the expansion of the 3G network and enhancement of capacity and quality of the 3G network, which is the only means to access to broadband for many of the Iraq population. The roll-out program will partially involve transformation of existing 2G sites to 3G by installing radio equipment on existing towers, development of new rooftop sites and greenfield tower sites, network and power modernization through software investments and license applications. The company is also considering expanding its fiber-optic network installation.

Investment Description

The total project cost is US$ 348 million to be funded with IFC syndicated facility of US$300 million and internal cash generation of US$ 48 million. 


The proposed investment of up to US$300 million consists of an IFC A Loan of up to US$100 million, a loan of up to US$75 million from the Managed Co-Lending Portfolio Program (“MCPP”), and B/parallel loans of up to US$125 million.

Private Actors Description

Zain Iraq is 76% owned by Mobile Telecommunications Company K.S.C. of Kuwait (“Zain Group” or the “Group”). The remaining shares in Zain Iraq (24%) are owned by Mr. M. AlCharchafji, an Iraqi national and one of the founding shareholders. 


Zain Group is a Kuwait based telecommunications group, with operations in 9 countries in Middle East and Africa. The Group owns majority stake in the businesses in Kuwait (100%), Iraq (76%), Sudan & South Sudan (100%), Jordan (96%), Bahrain (55%), minority stakes in Saudi Arabia and Morocco and has a management contract in Lebanon. Zain Group is listed on the Kuwait Stock Exchange. Kuwait Investment Authority (“KIA”) owns 24.6%, Omantel Telecommunications recently acquired 21.9% and the remaining 53.5% shares are owned by public shareholders. KIA is a sovereign wealth fund of Kuwait.         

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Atheer Telecom Iraq Limited Client -

Contact Information

+964 780 296 9854
Bldg. 47, Str. 14,District 605 Hay Al Mutanabi, Al Mansoor, Baghdad, Iraq



The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at