Umm Qasr II (IFC-50216)

Countries
  • Iraq
Geographic location 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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 6, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Aloreen Company for Investments
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 97.74 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 400.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 4, 2025

Disclosed by Bank May 20, 2025

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

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the bank provided information, Aloreen Company for Investments (“Aloreen” or the “Company”) has been operating under the commercial name of Basra Multipurpose Terminal, a multipurpose terminal (“Terminal 1”) at the Umm Qasr port (the “Port”) in Iraq. Terminal 1 has been operational since March 2016 under a 25-year concession agreement with the General Council for the Ports of Iraq. In 2021, IFC extended a debt financing package to develop a new terminal exclusively dedicated to containers (“Terminal 2”), the original project. Due to higher-than-expected volume growth, the Company is now seeking to increase the overall capacity of Terminal 2 through the procurement of new specialized port equipment and associated civil works (the “Project”). 

The Project is located at the Umm Qasr port, Iraq's main maritime gateway and the only operational deep-water port currently in Iraq. The Port is located at c. 70 km south of Basra and has several terminal operators handling containers, bulk and general cargo. Terminal 1 is located at the berths 12 to 15 of the Port, and the newly developed Terminal 2 will be located at berths 23 and 24.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The total estimated Project Cost for the development of Terminal 2 is US$400 million. In 2021, IFC provided senior debt financing of US$45 million and mobilized an additional US$80 million from other lenders. For this project, IFC's contribution includes an A loan of up to US$97.74 million and the mobilization of an MCPP loan.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Aloreen is ultimately owned by Terminal Investment Limited Holding S.A. (TIL), which holds an 85% stake in the company. The remaining 15% is owned by Mr. Saad Ali, an Iraqi businessman with interests in various industries, including logistics and agribusiness.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Terminal Investment Limited Holding S.A Parent Company Transport

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Terminal Investment Limited Holding S.A
Paul Jaglin
Treasury and Financing Manager
+41 22 703 9279
paul.jaglin@tilgroup.com 
Switzerland
www.tilgroup.com 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries 

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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 CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org 

How it works

How it works