Mobile operator Zain Iraq is to receive a US$400 million, seven-year debt facility from the IFC. As well as a US$155 million loan from the IFC itself, the package also includes a US$50 million loan from Ahli United Bank and four syndicated parallel loans worth US$195 million from Proparco, Infrastructure Crisis Facility, DEG (Deutsche Investitions und Entwicklungsgesellschaft) and FMO (Netherlands Development Finance Co). Zain will use the package to expand both coverage and network quality across the country.
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