BAGHDAD, Sept. 13 (Xinhua) -- Iraq on Saturday signed contracts worth more than 1 billion U.S. dollars with the International Finance Corporation (IFC), the World Bank Group's private sector arm that supports investment in developing countries. The deals cover energy, infrastructure, and real estate projects and aim to strengthen Iraq's economy and attract more investment.

The signing ceremony, held in Baghdad to mark the 20th anniversary of IFC's work in Iraq, was attended by Iraqi Prime Minister Mohammed Shia' al-Sudani, according to a statement from his media office.

Al-Sudani praised Iraq's private sector for playing an active role in reconstruction and development despite challenges such as bureaucracy, corruption, and security concerns. He also highlighted government efforts to improve the business climate, noting that Arab and foreign investments have reached 100 billion dollars in licenses and active projects.

The new contracts include both partnerships and financing agreements with IFC. ■