The Iraqi Fund for External Development was established as a financial institution with legal personality and administrative and financial independence under Law No. (77) of 1974. A Board of Directors was formed for the Fund, with members selected from several ministries — including the Ministries of Foreign Affairs, Housing, Planning, Trade, and Justice — in addition to the Fund’s President. The Board of Directors serves as the supreme authority of the Fund.
 

The Fund began with a capital of 50 million Iraqi dinars, which increased to 200 million dinars in 1979.

Its main functions include setting the general policies for investing the Fund’s resources, determining participation in development projects and programs, approving loan terms, and deciding on borrowings made on behalf of the Fund. It also follows up on Iraq’s multilateral and bilateral financial and foreign relations, manages the country’s contributions to international, regional, and Arab organizations, funds, bodies, and joint companies, and handles all matters related to foreign loan agreements and international tax treaties.

Objectives of the Fund

1. To provide medium- and long-term loans on concessional terms to development projects in developing Arab countries.

2. To contribute to development projects, particularly those of an investment nature that promote Arab economic integration.

3. To invest public and private funds in ways that ensure the advancement of economic development activities in developing Arab countries.

4. To provide expertise and technical assistance in various fields of economic development in developing Arab countries.

5. To finance engineering studies and feasibility studies for development projects.

6. To cooperate and coordinate with Arab and international development funds, as well as with other development funds in which Iraq participates.

Revenues of the Iraqi Fund

The revenues of the Iraqi Fund consist of the following:

1. The Fund’s share of its contributions to joint Arab companies.

2. Interest from loans granted to friendly countries and Arab and regional institutions.

3. Returns from investing its liquidity in local and foreign banks.

4. Income from technical and economic feasibility studies conducted by the Fund independently or in cooperation with other institutions.

5. Returns from investing its funds in guarantees of shares and securities of projects in which the Iraqi Fund has previously participated.

The Fund consists of the following departments:

1- Secretariat of the Fund President’s Office.

2- Secretariat of the Board of Directors.

3- Human Resources Department.

4- Investments and Joint Companies Department.

5- International Financial Relations Department.

6- Arab Financial Relations Department.

7- Financial Department.

8- Loans Department.

9- Agreements Department.

10- External Obligations Department.

11- Public Relations and Media Department.

12- Studies and Research Department.

13- Internal Audit Department.

14- Risk Management Department.

15- Legal Department.

16- IT (Computing) Department.

17- Planning and Follow-up Department.