The Philippines’ International Container Terminal Services Inc (ICTSI) said on Thursday it had agreed to operate, develop and expand Iraq’s largest port facilities and invest $130 million in the first phase of the deal.

ICTSI, owned by the Philippines’ fourth-richest person Enrique Razon, operates the Southeast Asian country’s biggest ports and has terminal concessions and port development projects in more than a dozen other countries, including in Indonesia, Japan, China, the United States, Brazil, Colombia, Ecuador, Poland, Pakistan and India.

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