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Iraq Pays Hanwha E and C $230m for Bismayah New City Project

Payment made by Iraq Government to South Korean giant

Hanwha Engineering & Construction have announced that they have received a $230m payment from the Iraq Government. This payment is the latest installment as part of work on the Bismayah New City Project, covering outstanding fees from last year as well as part of this years contract fees.

Hanwha E&C has now received $3.4 billion in payments from the total $10.1 billion contract which they secured in May 2012. The company highlighted the Iraqi Governments commitment to the project by highlighting that 3 payments were made during the election period in Iraq.

The development project involves the construction of 100,000 houses and social facilities in the area which is around 10km southeast of Baghdad.

Source: The Korea Herald



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