The Investment Authority dispenses with the revival plan and withdraws 1,128 lagging projects

[size=52]The Investment Authority dispenses with the revival plan and withdraws 1,128 lagging projects[/size]

[size=45]Baghdad / Khader Elias Nahed[/size]
[size=45]The carrots adjacent to the Al-Jaish Canal road remained a barren desert, more than 10 years after the launch of an investment project that would turn them into resorts![/size]
[size=45]This project represents one of the investment projects that have been stopped by corruption and mismanagement.[/size]
[size=45]Close to the Canal Road, an investor handed over a few apartments from among hundreds of apartments that were scheduled to be completed years ago within what is known as the "flower complex" investment project.[/size]
[size=45]Residents in the complex told Al-Mada that "the electric power lines have not reached the complex yet, and they depend on small generators provided by the investor."[/size]
[size=45]On the YouTube platform, many recordings showed gatherings of employees protesting the late delivery of their apartments, despite their regular monthly payments.[/size]
[size=45]In areas east of the capital, armed parties affiliated with the parties have exploited the weakness of the authority and sold state land to civilians, and later turned into completed residential neighborhoods.[/size]
[size=45]These lands were to include one of the largest sewage stations, and in the current situation, the East Canal area was deprived of development projects.[/size]
[size=45]A source in the Baghdad Provincial Council said to (Al-Mada) yesterday, that more than 800 projects are lagging in the capital only, indicating that the reason for stopping most of these projects is the lack of funding.[/size]
[size=45]The Investment Authority dispensed with a plan it had been preparing for some time to revive the stalled projects.[/size]
[size=45]Yesterday, Wednesday, Prime Minister Mustafa Al-Kazemi ordered the cancellation of more than a thousand investment licenses for stalled projects.[/size]
[size=45]The media office of the Prime Minister said, in a statement received by Al-Mada, that "this came during his visit to the Investment Authority and briefed him on the progress of work and the obstacles facing investment in the country."[/size]
[size=45]The statement added, "Al-Kazemi directed the cancellation of all licenses for investment projects whose completion rate ranges between (0-35%) and the time period available for the implementation of the project has expired, and the number of projects to which this applies is 1128 projects."[/size]
[size=45]The Prime Minister also directed, to fully implement the provisions of Article 28 of the Investment Law, by sending warnings to incomplete projects, and the National Investment Commission shall supervise and follow up the implementation of procedures.[/size]
[size=45]According to the statement, Al-Kazemi also directed the withdrawal of licenses in the event that the investor does not adhere to the completion period.[/size]
[size=45]About 3 months ago, the National Investment Authority revealed its vision to revive the stalled investment projects.[/size]
[size=45]The head of the National Investment Authority, Soha Dawoud Al-Najjar, said, “The commission has a vision and a plan to revive the investment projects that have stalled and stalled over the past years across the country and for all sectors, which were granted as investment opportunities in order to rearrange them as there are two types of projects, the first reaching varying completion rates. It ranges between 10 to 90%, and the second has achievement rates of 0%.[/size]
[size=45]She added that “among the commission’s plans to start implementing projects with 0% completion rates after determining the reasons for non-completion, and if they are not convincing, we will resort to withdrawing the investment license. Obstacles".[/size]
[size=45]She pointed out that "projects that have reached varying completion rates, we find most of the time the reason is due to the lack of financing and the force majeure that the country has experienced, as it becomes possible to give the investor other sources of financing or re-offer the project as an investment opportunity in the presence of the investor to encourage partnership with investors.[/size]
[size=45]Al-Najjar indicated at the time that "laws and legislations have some problems and obstacles, but they are not bad and can be worked out," explaining that "the main problem lies in the inconsistency of some of those legislations that the commission faces upon implementation."[/size]
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