The Iraqi government has decided to allocate $21 billion USD (25 trillion IQD) to implement the Rashid Housing project.
AKnews reports that the preliminary negotiations with the UAE-based contractor, Maabar, are completed, and the final contract will be signed by the end of 2011.
Rashid Barracks in Baghdad were used by the former Iraqi army prior to 2003. The facilities are supposed to be turned into a housing complex with 72,000 housing units, as well as shops, amusement facilities and tourist attractions.
Iraq’s rapidly growing population faces an acute shortage of housing. According to the Iraqi housing and reconstruction minister, Mohammed al-Darraji, the country needs around two million homes to close the gap between demand and supply.
Reports and studies prepared by non-governmental organizations and international companies pointed out that Iraq needs 20 years to end the housing crisis.
The Ministry of Construction and Housing assured that the housing crisis will be resolved completely by 2020, according to the National Housing Policy which was launched early last October.