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Baghdad Searches for Partners to 4500 Projects, Planning Ministry

Spokesman of the Iraqi Planning Ministry Abdul Zahra al-Hindawi pointed that this search does not include the new planned projects.

Baghdad/ Iraq TradeLink: The Iraqi government is looking for local and foreign investment companies to finance 4500 disabled projects with the costs of 5 trillion dinars (about 4 billion dollars).

Spokesman of the Iraqi Planning Ministry Abdul Zahra al-Hindawi pointed that this search does not include the new planned projects.

He added that the expected interests will not exceed 6%, pointing that foreign companies from Britain and Japan started to finance some of these projects.

Hindawi pointed that some of the Iraqi provinces began having agreements with the companies to finance main projects like water, sewerage, agriculture and irrigation.

On the other hand, MP Najeeba Najeeb, member of the parliamentary economic commission, disclosed that the parliament approved financing 7000 projects that were finished by more than 80% through deferred payment, provided that the loans should not exceed 5 trillion Iraqi dinars.

The Iraqi government put the guidelines for the negotiations in electricity, transport and education fields, expecting that this move will provide great number of work opportunities in the country.

"The government opened the doors for negotiations for French, Chinese, Italian , Japanese, Kuwaiti and Iranian companies, provided that the interest rates should be small".

Economic experts fear that most of the deferred payment projects shall be covered with corruption, because their costs will be higher than expected.

Most of the fears uttered were connected with the higher interest rates that will add another burden for future governmental budgets

Source:Iraq TradeLink

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