Iraq's and Egypt's housing ministries have reached an agreement for Egyptian companies to build $450 million worth of houses in Iraq.
The contracts will comprise 14 projects across Iraq, according to Jaber Al-Hassani, an Iraqi housing official.
He stated that within a month, they plan to sign three major contracts with three Egyptian companies, including the Arab Contractors Company. The Egyptian Ministry of Housing will be in charge of the contracts.
They also intend to work with the Egyptian Ministry of Transport to complete two significant projects in Iraq, although he didn't go into detail.
Housing has been a top concern in Iraq's post-war reconstruction efforts. Out of a population of 40 million people, 3.5 million Iraqis live in slums, according to a statement released by the Ministry of Planning in November. The provinces with the most slums include Baghdad, Basra, and Ninevah governorates.