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The first threat to the Chinese agreement.. Companies renege on school project agreements
1,417 economy 2022/11/06 18: 43 hs
Baghdad today-Baghdad
The Chinese company "porgina Power China", which implemented the project of a thousand schools in Iraq, informed the Iraqi contractors contracted with it, of its inability to pay their financial dues before 2023.
A number of contractors told Baghdad today that
"the Chinese company informed us of its inability to pay financial dues before 2023, while the company's contract with the Iraqi government stipulates that they receive an advance operating advance in the amount of ١٠% of the contract value of one billion and eight hundred million US dollars paid by Iraq on oil exports. They added that
"the percentage of completion of projects and construction of model schools by this company does not exceed only 7%, at a time when Chinese companies and Iraqi contracting companies supporting them exceeded half the completion period assumed under the concluded contracts". They expressed
"their fears of losing their financial dues at a time when the government is demanding them to complete the work in those schools,"
calling on the government to "intervene to remedy the situation in order to complete the progress of business and complete the construction of those schools". According to the contractors,
"the Chinese companies violated the contracts of the agreements according to the penal conditions imposed by the Iraqi government on the Chinese companies implementing the construction of those schools," pointing out that "the whole thing may endanger the project".
On September 23, 2022, economist Nabil al-Marsoumi revealed China's profits from school construction projects in Iraq.
Al-Marsoumi said in a Facebook post that I followed (Baghdad today), that
"the referral to the Chinese company is 1.8 million dollars as an average per school," indicating that
"the school is referred to the Iraqi contractor for 900 thousand dollars, where the commission of intermediaries is 200 thousand dollars and the profits of the Chinese company are 700 thousand dollars per school.
"The Chinese company made 700 million dollars from building 1,000 schools where the design is Iraqi, the implementation is Iraqi, the money is Iraqi and the profits are for China," he pointed out.
The first threat to the Chinese agreement.. Companies renege on school project agreements
1,417 economy 2022/11/06 18: 43 hs
Baghdad today-Baghdad
The Chinese company "porgina Power China", which implemented the project of a thousand schools in Iraq, informed the Iraqi contractors contracted with it, of its inability to pay their financial dues before 2023.
A number of contractors told Baghdad today that
"the Chinese company informed us of its inability to pay financial dues before 2023, while the company's contract with the Iraqi government stipulates that they receive an advance operating advance in the amount of ١٠% of the contract value of one billion and eight hundred million US dollars paid by Iraq on oil exports. They added that
"the percentage of completion of projects and construction of model schools by this company does not exceed only 7%, at a time when Chinese companies and Iraqi contracting companies supporting them exceeded half the completion period assumed under the concluded contracts". They expressed
"their fears of losing their financial dues at a time when the government is demanding them to complete the work in those schools,"
calling on the government to "intervene to remedy the situation in order to complete the progress of business and complete the construction of those schools". According to the contractors,
"the Chinese companies violated the contracts of the agreements according to the penal conditions imposed by the Iraqi government on the Chinese companies implementing the construction of those schools," pointing out that "the whole thing may endanger the project".
On September 23, 2022, economist Nabil al-Marsoumi revealed China's profits from school construction projects in Iraq.
Al-Marsoumi said in a Facebook post that I followed (Baghdad today), that
"the referral to the Chinese company is 1.8 million dollars as an average per school," indicating that
"the school is referred to the Iraqi contractor for 900 thousand dollars, where the commission of intermediaries is 200 thousand dollars and the profits of the Chinese company are 700 thousand dollars per school.
"The Chinese company made 700 million dollars from building 1,000 schools where the design is Iraqi, the implementation is Iraqi, the money is Iraqi and the profits are for China," he pointed out.
