Iraq fund to help revive economy

MerchantBridge has raised around $50m in the first tranche of a five-year direct investment fund that invests in businesses manufacturing and supplying construction materials in Iraq. The Cayman-domiciled Iraq Construction Materials Fund intends to target companies in sub-sectors where supplies have been limited or have been uneconomical to import. Four projects to be launched are ready mixed concrete, industrial paint and coatings, engineered steel structures and fabrication, and plastic pipes. MerchantBridge is adviser to the fund. The International Finance Corporation, a member of the...