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Investment Authority: Local and international financing to complete the Bismaya residential complex
Economical 10/05/2023
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Baghdad: Haider Al-Adhari
It is hoped that the next few years will witness new agreements regarding the completion of the Bismayah housing project, which includes the construction of the remaining 70,000 housing units, in coordination with the Korean side after the Ministerial Council for the Economy approved the completion of the project with local and international financing.
The Bismayah residential project, which is the first and largest of its kind in Iraq, is located on the international road linking Baghdad and the city of Kut, and is expected to accommodate 600,000 people within its 100,000 residential units.
The spokesman for the National Investment Authority, Muthanna Al-Ghanimi, said in an interview with “Al-Sabah”: The Chairman of the Authority, Haider Makiya, discussed with the South Korean (Hanwha) Engineering and Construction Company the requirements for resuming its work in the Bismayah residential project, in light of the approval of the Ministerial Council for the Economy of the Audit Bureau’s report. Federal Finance Committee to continue completing the contract with the company to complete the remaining 70,000 housing units in the project, out of 100,000.
He stressed during the meeting held in the South Korean capital, Seoul, the authority’s keenness to complete the project, as it is one of the important strategic and service projects for the country, noting that the approval of the Ministerial Council for the Economy on the report of the Federal Financial Supervision Office was in line with the authority’s aspirations to complete the contract with the South Korean company Hanwha. To complete the remaining residential units. Al-Ghanimi explained that the Authority explained to the company the nature of the approval of the Ministerial Council for the Economy, which required the Authority to identify the project’s internal and external financing sources in a fundamental manner, revealing that Saudi banking institutions had expressed their willingness to finance the project, in addition to the Rafidain and Rasheed banks and the Iraqi Trade Bank, in addition to solid investment companies, warning. However, the next short period, i.e. before the end of the current year, will witness the holding of a specialized workshop to discuss financing mechanisms for the project with the aim of accelerating the completion of its remaining units.
The spokesman for the National Investment Authority stated that the authority held a series of meetings with the vice president of the Korean (Hanwha) Engineering and Construction Company and the head of the Bismayah project in Baghdad, to address the obstacles that prevented the continuation of the project, indicating that the authority is in the process of arranging a schedule of meetings with internal and external sources of funding for the project. To complete the entire residential units.
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