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Construction adopts a new approach to financing the stalled projects

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Construction adopts a new approach to financing the stalled projects

8/17/2017 1:24

Baghdad / Wafa Amer

prepares the Ministry of Construction and Housing, Municipalities and Public Works to adopt a new approach to financing the stalled projects, after the approval of the Council of Ministers, it requires the completion of important projects by international companies, in exchange for a profit after a certain time, as revealed stops 20 investment projects , the housing sector because of The financial crisis.

The agent said the ministry engineer Dara Hassan Rashid in an exclusive interview with «morning»: The financial crisis experienced by the country because of the decline in world oil prices, weighed heavily in projects implemented by the ministry and included in the plans, adding that his ministry is trying as much as possible to accomplish the mission of which according to the financial allocations allocated in the budget.

He added that his ministry has worked during the past period to find alternatives to finance the stalled project, as it has recently filed a request to the Council of Ministers, includes funding manner (BOT), explaining that this method includes the assignment of important projects unfinished on large international companies in order to accomplish, and in return grants these companies financial returns from the project after it runs for a certain period, and then return the entire profits of the state.

He said Rasheed that his ministry was awaiting approval by the Council of Ministers on this, revealing the adoption of both Turkey and Jordan for the system in question, pointing at the same time, he met with great success, especially that he contributed to the advancement of infrastructure in a large number of developed countries of the world.

He revealed the possibility of the ministry for funding for its projects through loans from international funders, but the dilemma lies in the absence of a banking system guarantees granted to these financiers, what makes the ministry in front of a big problem.

And housing projects, said Undersecretary to refer twenty projects to invest in Baghdad and the provinces, but these projects are currently stalled due to the financial crisis and the control of gangs «Daesh» terrorist attacks on some areas of the country, noting that these projects were supposed to provide 20 to 30 thousand units residential end of this year.

He pointed out that the Investment Law No. 13 of 2006 , the rate includes paragraphs of an attractive investment, so the ministry is seeking to build new complexes within the post «Daesh», noting that it is working continuously to get rid of slums and come out of the economic and social psychological problems, especially it increase in poor areas, and therefore the focus on the construction of housing complexes residents of these slums include class basis.

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