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The Investment Authority clarifies the contract with Hanwa to complete the Basmaya complex project
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Economy News-Baghdad
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Added 10/09/2022 - 10:00 PM
Update 10/10/2022 - 12:40 PM
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Economy News-Baghdad
The National Investment Commission clarified, on Sunday, the nature of the contract with the South Korean company Henwha to build the Basmaya complex, and the financing for the project from the government and the mentioned company.
The authority stated in a statement it received that "the Basmaya project was fully funded by the Iraqi state, and there are no funds spent by the Korean company."
She added that "the contract concluded between the Iraqi government and the Korean Honwha Company stipulates that the Iraqi government bears financing of only 25% of the project's cost of ten billion US dollars to complete 100,000 housing units within ten years from the date of signing the contract in September 2012."
She indicated that "the Iraqi government paid two billion dollars as a down payment after signing the contract," noting that "the contract includes the Korean Honwha Company to finance the remaining 75% of the project, according to a mechanism that includes the company building housing units and handing them over to the Iraqi government."
And she confirmed that "Henwa Company's breach of the agreed-upon delivery dates for the housing units led to the failure of the project's financing in the part that falls under their responsibility."
515 views
Added 10/09/2022 - 10:00 PM
Update 10/10/2022 - 12:40 PM
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