10 July, 2019

Iraq approves $2.2bln for developmental projects in 2019

30 percent of the funds are allocated to new projects

Photo used for representational purpose only. Residential complexes along the Tigris River in Baghdad, Iraq

Photo used for representational purpose only. Residential complexes along the Tigris River in Baghdad, Iraq

Getty Images/Rasoul Ali/getty images

10 July 2019
OPEC member Iraq has allocated nearly 2.619 trillion Iraqi dinars ($2.2 billion) for development projects in various sectors through 2019, its Planning Minister was quoted on Wednesday as saying.

Nouri Al-Dulaimi said nearly 70 percent of the funds, part of "the annual governorates development programme" had been allocated for the completion of projects that were approved in the previous fiscal year while 30 percent would be used to fund new projects in various governorates.

Education had the lion's share of the funds, receiving nearly 45 percent or around 1.168 trillion dinars ($980 million), the Minister said in a statement carried by Aliqtisad News and other local publications.

The allocations included nearly 183 billion dinars ($154 million) for water sewage networks, 174 billion dinars ($146 million) for roads and bridges, 132 billion dinars ($111 million) for health and 123 billion dinars ($104 million) for electricity. The rest covered water, farming and sports projects.

Baghdad had the biggest share of allocations, receiving nearly 655 billion dinars ($550 million). It was followed by Nineveh, Basra, Dhi Qar, Saladin, Al-Anbar, Diyala, Kirkuk, Wasit and Al-Diwaniyah.

(Writing by Nadim Kawach; Editing by Mily Chakrabarty)

(mily.chakrabarty@refinitiv.com)


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