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Muhammad Al-Najjar: The Development Fund supports addressing the housing problem
Economical 02/28/2024
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Baghdad: Hussein Thaghab
The Executive Director of the Iraq Fund for Development, Muhammad Al-Najjar, stated that the housing sector represents an important focus in the government’s performance, indicating that the Housing Fund is one of the pillars of the Iraq Fund for Development, due to the existence of an urgent need.
To solve this chronic problem.
Al-Najjar said that the country needs more than 3 million housing units. This means that there is a need for a major local and international effort to contain the housing problem, pointing out that activating the housing sector works to revitalize all sectors and in various directions, starting with the transportation sector, sources of construction materials, and various professions, all the way up to To the need to achieve integration with international voices that have the construction capabilities or complements of housing projects.
Al-Najjar explained that providing adequate housing to the people represents a constitutional right, and this matter is recognized by the government and is working to stimulate the field of work in this sector and has begun working on establishing residential cities, albeit in an investment form, but some of them will be allocated to low-income groups, and the expansion of housing projects will provide It creates competition that leads to gradually lower prices.
Economic affairs specialist Hawraa Nouri Al-Qassab said: The housing crisis has become one of the most serious problems that Iraq is suffering from in light of its increasing population, which in twenty years is likely to be nearly 80 million people, pointing out that to solve this crisis the private sector must have a major role. In solving and undermining it, the local or national private sector has a long history in various areas of investment and for all sectors, the most important of which is investment in the housing sector.
She added that when we look at the experiences of countries regionally, we find that some neighboring countries have advanced remarkably and quickly by relying on the private sector through foreign investment, in which the Iraqi investor had a prominent role because of the ability he possesses that qualifies him to achieve the most important achievements at the housing level, noting that: The same countries that were dependent on the foreign investor for the progress and development of their countries have remedied their situation by enacting legislation to create a sound environment for the national investor to take it upon himself to continue building their countries.
She highlighted the importance of considering important experiences regionally and internationally, including Indonesia and the United Arab Emirates, which began to export the energies of their investors to Iraq, pointing out that the private sector is considered an important source of national wealth that developed countries have begun to rely on in their economies on the one hand, and on the other hand, it has become a part of It is important in political alliances at the international level because of its importance.
Al-Qassab stressed that the work of the private sector, especially investment in the housing sector, faces many problems, and this requires amending Investment Law No. 13 of 2006, as it restricted the Iraqi investor, at a time when he must preserve his rights and oblige local governments to support him. These obstacles and problems include the complex routine in completing transactions related to the entry of imported materials or labor needed by the investor. There are also no legal guarantees for him to protect his money and the lack of financial facilities, the most important of which is the banking system, which must give investment funds freedom of movement.
Al-Qassab warned of the importance of having high transparency in the movement of funds and of stopping suspicions of money laundering due to the corruption that thieves resorted to to launder their money by building real estate and investments.
She pointed out that the national investor is suffering and needs a new, attractive work environment far from the many challenges that have become repulsive to his presence in building Iraq, due to the policies of successive governments that do not encourage him. The Investment Law of 2006 must be amended and continuous dialogue between investors and officials at the level of the executive authority must be adopted. Legislative and judicial aspects to solve the problems that the investor suffers from through forming a national investor association or council with government support for the purpose of improving the country’s situation.
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