Iraq is planning to invite investors for projects to rebuild 83 factories that have been damaged by the war, an official was quoted as saying Tuesday. 

The factories cover building materials and other products and are located in various parts of Iraq, mainly in areas that have been devastated by internal hostilities, Industry and Minerals Ministry Spokesman Murtada Safi said. 

He told the Iraqi Aliqtisad News website that the Ministry had devised a three-phase plan to “rehabilitate those factories and bring them back on their feet.” 

“We have launched phase 1 while phases 2 and 3 will begin at a later stage as they are medium and long term plans...we want the private sector to be actively involved in those plans, mainly serious investors and companies,” he said. 

Safi made no mention of spending involved in such plans but the official Alsabah newspaper said on Tuesday that there are plans to boost capital expenditure in the 2021 state budget from 22 percent to 30 percent to face higher project spending. 

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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