Iraq to Spend $9.8bn on Roads and Housing
Iraq’s minister for construction and housing plans to spend $9.8 billion on roads, bridges and housing between now and the end of 2016, reports Bloomberg.
Mohammad Saheb al-Darraji (pictured) said the country is budgeting $5.8 billion for roads and bridges and $4 billion for housing. The current annual budget is $112 billion.
The country needs 2.5 million homes in the next four or five years, although budgetary constraints may make that target difficult to achieve, al-Darraji said.
A $250 million housing project tender to build 3,000 mid-income homes in Basra will close in two weeks, while a $7 billion contract with South Korea’s Hanwha to build 100,000 housing units over the next 7 years has been finalized, al-Darraji said.
The government is also in discussions with Poly Technologies to build a highway that will link the country to Turkey. The company is offering financing for the project.