KRG Revokes 238 Investment Licences

After re-evaluating all investment ventures in the region the Kurdistan Regional Government has revoked the licences for 238 of them, the minister for municipalities and tourism said on Sunday, according to AKnews.

Samir Abdullah told the agency that a number of other projects are being considered for scrapping.

The moves are seen as an effort to improve the government’s record on corruption. The many unfinished buildings lining the streets of the regional capital, Erbil, is a testament to the problems facing development in the region. The agency reports that unscrupulous businessmen often secure funding for projects and siphon the money off to different bank accounts causing the venture to grind to a halt.

The construction of tourist facilities, industrial complexes and housing are among those that have had their licences revoked, Abdulla said.

(Source: AKnews)

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