Iraq needs foreign developers to invest in its housing sector to help tackle a serious shortage that has been aggravated by years of internal hostilities, the head of the state-owned Iraq Development Fund has said.

Mohammed Al-Najjar said Iraq, with a population of more than 40 million, is faced with a widening supply problem caused by lack of major housing projects over the past years due to security and financial reasons.

“Iraq now needs more than three million housing units…this means that it needs an intensive local and international effort to contain the housing crisis,” Najjar told Iraqi News Agency, adding that housing investments would stimulate other sectors, including infrastructure and transport.

The agency quoted Iraqi economist Hawra Al-Kassab as saying the housing problem could worsen in the absence of large projects as the country’s population is expected to nearly double to 80 million after 20 years.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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