Iraq has decided to cancel permits for investors who are found to be late in executing projects within a strategy designed to tackle persistent project delays, the head of the country’s top investment body has said. 

Stalled projects, with an execution rate of 0-35 percent after the presumed completion date, will be stopped and project owners will have their license withdrawn, said Suha Najjar, Chairperson of the National Investment Commission (NIC). 

“The decision affects projects with long delays and an execution rate of 0-35 percent...I believe this is a fair decision for the serious investors,” she said in a statement, carried by Aliqtisad News and other Iraqi publications. 

“The new rules will help regulate investment activity in the country and distinguish between serious and unserious investors, who have abused permits granted by NIC for obtaining visas for foreigners and other purposes.” 

Najjar said the new rules would allow Iraq to restart hundreds of projects that have been stalled over the past year due to such offences. 

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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