Iraq Allocates $275bn to New Projects
By Padraig O’Hannelly.
Iraq’s Planning Minister, Ali al-Shukri (pictured), has said the country has earmarked between $250 billion and $275 billion for infrastructural development projects over the next five years.
At the Iraq Finance 2012 conference in London the minister called for foreign companies to invest in all sectors of the Iraqi economy, including construction, agriculture and education.
He added that currently only about 30 percent of Iraq’s budget was available for capital projects, saying that this was too little.
Iraq spends $14-$15 billion annually to service its national debt.