Release date: 2017/8/3
The federal government approved a huge national housing project in Maysan province.
"The Council of Ministers has approved the establishment of the Investment Authority by the National Investment Authority in accordance with the provisions of Investment Law No. 13 of 2006, amended to the two companies [Verbright Beihian Construction Development Shenzhen Co. Ltd.] And the Lebanese Copper Company for Trading and General Contracting to implement the national housing project in Maysan province. "
He pointed out that "the decision to transfer the project to the construction of 3812 horizontal housing units with its various services [commercial, infrastructure, public services], and the cost of $ 447 million and the implementation period of three years on the plot numbered [14/1596 Abu Rumaneh / Maysan province] Ministry of Construction, Housing, Municipalities and Public Works with an area of 652 dunums.
The statement added that "the approval required the submission of the financing plan of the project in conjunction with the guarantee of the financing entity from an approved financial institution in accordance with the provisions of Article 7 / paragraph b, provided that the National Investment Commission take into account the article 19 / II of the investment law.
"It also ensures that the investment contract between Maysan and the above two companies will be carried out with the commitment of the two companies to implement 14,000 square meters of public utility services [school, clinic, police station] at their own expense.
The Council's decision concluded that the General Secretariat of the Council of Ministers would be provided with a copy of the investment contract after signing it.
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