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20/08/2011 12:59
Baghdad, Aug. 20 (AKnews) – A South Korean firm will build a100,000-unit housing development south of the Iraqi capital says a parliamentary investment committee member, just one of many projects open to South Korean investors.
At the end of a visit to South Korea in April at the head of a large Iraqi economic delegation, Prime Minister Nouri al-Maliki signed a number of contracts in the fields of economy, construction and energy.
A group of Korean firms proposed a large-scale investment project to address Iraq’s shortage of housing by building a total of a million homes, made available on a credit payment system.
Commission member Salman al-Moussawi told AKnews that the 100,000 homes the Hanoua Company from South Korea are building in the capital’s Bismaya district will be sold for $50,000each.
After making a 25% down payment to secure the transaction, “the balance can be paid off in stages,” Moussawi explained.
The South Korean contracts will effectively halve Iraq’s housing crisis calling for two million new homes, a target originally projected to take around 20 years to meet.
Moussawi said that further contracts with South Korea in other sectors are currently being drafted.
“An agreement will be signed soon between South Korean companies and the Iraqi side with regard to energy, and the development of Iraqi ports,” he said.
Baghdad, Aug. 20 (AKnews) – A South Korean firm will build a100,000-unit housing development south of the Iraqi capital says a parliamentary investment committee member, just one of many projects open to South Korean investors.
At the end of a visit to South Korea in April at the head of a large Iraqi economic delegation, Prime Minister Nouri al-Maliki signed a number of contracts in the fields of economy, construction and energy.
A group of Korean firms proposed a large-scale investment project to address Iraq’s shortage of housing by building a total of a million homes, made available on a credit payment system.
Commission member Salman al-Moussawi told AKnews that the 100,000 homes the Hanoua Company from South Korea are building in the capital’s Bismaya district will be sold for $50,000each.
After making a 25% down payment to secure the transaction, “the balance can be paid off in stages,” Moussawi explained.
The South Korean contracts will effectively halve Iraq’s housing crisis calling for two million new homes, a target originally projected to take around 20 years to meet.
Moussawi said that further contracts with South Korea in other sectors are currently being drafted.
“An agreement will be signed soon between South Korean companies and the Iraqi side with regard to energy, and the development of Iraqi ports,” he said.
