Investments in Iraq have exceeded $100 billion over the past two years, an Iraqi official has announced, confirming plans to develop the Tigris riverbanks.

Haider Makiya, Head of National Investment Commission (NIC) said the projects include $38 billion in domestic projects and $64 billion from foreign sources.

Quoted by the local press on Sunday, he said that the government has a vision to rehabilitate the Tigris River’s banks after years of neglect.

“The plan will involve building and upgrading hotels and restaurants, as well as introducing a river taxi service,” he said.

Iraq’s appeal as an investment destination has grown in recent years, Makiya said, adding that major deals in oil, power, and infrastructure have been signed with companies from the US, Europe, China, and Turkey.

(Writing by N Saeed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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