Babel: Finance suspends 20 investment licenses worth $500 million

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[size=52]Babel: Finance suspends 20 investment licenses worth $500 million[/size]

[size=45]Babylon / Jalil Al-Ghazi[/size]
[size=45]The Babylon Investment Commission accused the Ministry of Finance of obstructing investment projects in the province estimated at 20 licenses that were supposed to be implemented since 2013.[/size]
[size=45]The head of the Investment Authority in Babylon, Muhammad Jassem Zakum, told (Al-Mada) that “about 20 investment licenses were supposed to start working on them 10 years ago, and their value is estimated at 500 million dollars, but the work mechanism of the State Real Estate Department hindered the implementation of these projects, even though they are complete.” legal and technical procedures.[/size]
[size=45]He pointed out that “the lands that are supposed to be approved by the state’s real estate do not reach a quarter of the value of the projects to be implemented, and they are all located outside the municipal borders.”[/size]
[size=45]Zakm added, "These investment opportunities can provide thousands of job opportunities for young people, improve the level of the local product, and provide hard currency within the country, which is in the interest of the Ministry of Finance, which bears heavy burdens, especially in the issue of employment."[/size]
[size=45]For his part, the assistant governor of Babylon for planning affairs, Falah Hassan al-Nabhani, confirmed in a statement to (Al-Mada) that “the province is destined to revitalize the investment sector as an important outlet to revitalize the economic situation, provide job opportunities for youth, and improve the level of services in the province.”[/size]
[size=45]Al-Nabhani pointed out that "the province suffers from some obstacles that stand in the way of investment by some departments, including those of the Ministry of Finance regarding granting the necessary approvals for the implementation of investment licenses."[/size]
[size=45]And that "the local government held an extensive meeting with government departments to develop a clear investment map that facilitates procedures for granting investment licenses to form an attractive factor for investors."[/size]
[size=45]For his part, the investor, Eng. Fadel Abdel-Shaheed, confirmed in an interview with (Al-Mada) that “the private sector is hostile by some departments, especially with regard to investment licenses that were approved throughout the province, and work in them was stopped due to the lack of approval of some departments, including the State Real Estate Department.”[/size]
[size=45]He explained that "some departments deliberately obstruct the movement of investment in Babylon," stressing that "the province needs investment because it suffers from a significant lack of services and the lack of complete infrastructure."[/size]
[size=45]And the Ministry of Construction had stated in an official statement received by (Al-Mada) at the end of last week, that “the Minister of Construction, Housing and Public Municipalities, Benkin Rikani, met at the Ministry’s headquarters, the Governor of Babylon, Wissam al-Jubouri.”[/size]
[size=45]She added, “The meeting discussed the new residential gardens city project within the government program, and roads and infrastructure projects were also discussed, including the Hilla sewage project / phase two.” In Babil Governorate, within the plan for the next year 2023.[/size]
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