A member of the International Finance Corporation of the World Bank Group announced a statement that they have invested almost 18 million U.S dollars in order to encourage the manufacturers of high quality dairy products. It would also fulfill necessary needs of food in Iraq and to encourage growth in non-oil sectors. According to the statement, this funding would provide help to meet the growing demand of food and it would improve its distribution system in the country. The company will provide more than 250 jobs in next two years. It is also added that the company’s new factory would also produce more than 59 thousand tons various kinds of dairy products per year to meet the market demand.
The general manager of Al Safi Danone in Iraqi Danone branch of Gulf Cooperation Council, George Abu Najm said that the company has started a factory project in the north of Iraq and we are much committed in establishing the most important markets in the region. The World Bank said that this investment was done by the IFC, a World Bank group aiming in promoting investments among countries in the region to stabilize the economy and to improve the agricultural production and to participate in the development of the production sectors to meet the food requirements in Iraq for next coming years.