PROJECTS: Iraq quadruples housing fund capital

Capital raised to $2.74bln

  
Image used for illustrative purpose. A worker walks past the Bismayah residential project in Baghdad, February 26, 2015. REUTERS/Thaier Al-Sudani

Image used for illustrative purpose. A worker walks past the Bismayah residential project in Baghdad, February 26, 2015. REUTERS/Thaier Al-Sudani

REUTERS/Thaier Al-Sudani

Iraq has decided to quadruple the capital of a government housing fund as part of a drive to tackle a festering housing crisis caused by the war, the official Iraqi Alsabah newspaper said on Tuesday. 

Prime Minister Mustafa Al-Kadhimi issued a decision boosting the fund’s capital from one trillion Iraqi dinars ($685 million) to 4 trillion dinars (2.74 billion), the paper said, quoting the Fund’s Director Dia Mujid. 

He said the increase, with an immediate effect, would allow the Fund to provide higher housing loans to Iraqis and increase the number of beneficiaries every year. 

“The increase is intended to allow more Iraqis to build their own houses as part of efforts to resolve the housing crisis,” Mujid said. 

He told the paper that Iraq needs at least 3 million houses in the next few years and that higher Fund resources would help bridge that gap. 

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021

More From Construction