DEG invests in Iraqi network operator
Press Release from 2018-06-26 / DEG
DEG is providing mobile phone operator Atheer Telecom Iraq Limited (Atheer) with a long-term loan of USD 50 million for investment in the infrastructure.
Following the destruction caused by war in recent years, one of the major challenges faced by Iraq is in telecommunications. This is where DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH is now investing together with other development finance institutions. It is providing mobile phone operator Atheer Telecom Iraq Limited (Atheer) with a long-term loan of USD 50 million for investment in the infrastructure. The loan is part of a comprehensive finance package worth USD 269 million arranged by the International Finance Corporation (IFC), a member of the World Bank Group. Another lender is Finnfund (Finland).
Rebuilding network in northern Iraq and enhancing 3G capabilities
Key aspect of the investments scheduled until 2019 is modernizing the network infrastructure in the war-ravaged north of Iraq and providing better quality of service to its customers. The purpose is also to upgrade the networks throughout the country, as well as connecting some remote regions for the first time. The objective is to provide accessible and reliable communications infrastructure to broad sections of the population.
Access to mobile information and services
Mobile phone connections mean that people have access to social services, such as healthcare, and to mobile banking services. The development, operation and maintenance of the mobile phone stations operated by Atheer throughout the country create qualified jobs and let expect economic impetus.
Atheer, a leading network provider in Iraq, has been a DEG customer since 2011. The company is a subsidiary of Kuwait-based Mobile Telecommunications Company K.S.C. (MTC).
In Iraq, DEG is also working with the German family-owned firm Knauf, a manufacturer of building materials based on plaster. As part of the develoPPP.de promotional programme, the Public-Private-Partnership (PPP) programme set up by the German Federal Ministry for Economic Cooperation and Development (BMZ), it is co-financing a training centre for drywall installation in Baghdad.