Development Fund for Iraq

The Development Fund for Iraq (DFI) was a sovereign wealth fund based in Baghdad, Iraq. The DFI was established pursuant to United Nations Security Council Resolution 1483 and held the proceeds of petroleum export sales from Iraq as well as remaining balances from the UN Oil-for-Food Program and other frozen Iraqi funds. Disbursements from the DFI was used for the benefit of the Iraqi people, the economic reconstruction and repair of infrastructure, the continued disarmament of Iraq, the costs of civilian administration and other purposes benefiting the Iraqi people. It was directed by the Coalition Provisional Authority (CPA), in consultation with the Iraqi interim administration. On 27 May 2014, the immunity over the Development Fund for Iraq account was cleared and the Bank decided to transfer all this balance to CBI’s account at the Federal Reserve Bank of New York. This fund is no longer in operation and is not actively tracked by PitchBook.