PHOTO
Iraqi Prime Minister Mustafa Al-Kadhimi approved proposals for Chinese firms to fund the construction of Al-Sadr City near the capital Baghdad as part of an historic oil-for-projects signed by the two countries two years ago.
The official Iraqi news agency said Kadhimi agreed on the plan at a meeting on Saturday of a committee entrusted with the execution of the project, which comprises more than 90,000 houses.
“Kadhimi ordered the execution of the project after it was neglected and stalled for years…he stressed that the project is vital for tackling housing problems in the country as a result of population growth and war damage,” the agency said.
The project, east of the capital, also includes schools, hospitals, shops and other facilities, it said, adding that Kadhimi authorized funding within the oil-for-projects agreement that was signed with Beijing in Sept 2019.
(Writing by Nadim Kawach; Editing by Anoop Menon)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021
