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Baghdad Council reveals the financial obstacles to the implementation of the "suspended train"
11:07 - 01/02/2019
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Information / Baghdad ..
The Baghdad Provincial Council revealed on Friday financial obstacles to the implementation of the railway project suspended after the completion of its designs, noting that the implementation of the project needs to secure 15% of the estimated cost of the train suspension of 2.5 billion dollars.
A member of the provincial council, Nizar Sultan, said in a statement to Al-Maaloumah that "the estimated cost of the suspended railway project amounted to 2.5 billion dollars. The two companies, Engstrom of France and Hyundai of South Korea, made a bid in 2016 to finance the project with a soft loan and installment over 19 years. The deduction begins after the project is operational. "
"There are five international banks led by Deutsche Bank, which has provided a soft loan to finance the 19-year-old railway project at a rate of 2 percent," he said.
He explained that "the loan for the cost of the train needs a sovereign guarantee and the approval of the Ministry of Finance / Department of Public Debt on the inclusion of the loan within the budget of 2019, where the province did not succeed in this aspect, although the Prime Minister listed the train suspended within the government program."
He stressed that "the obstacle facing the implementation of the railway project suspended is the approval of the Ministry of Finance to include the project within the 2020 budget, in addition to the government guarantee 15% of the value of the loan, which is not owned by the government."
"The French government has lent Iraq one billion dollars, in addition to the World Bank intends to lend Iraq also $ 6 billion for the purpose of reconstruction, where there is a tendency to discuss Prime Minister Adel Abdul Mahdi to secure 15% of the cost of the suspension train to start the project" . End 25 n
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