[Update: The National Investment Commission (NIC) has issued a statement on 22nd March 2011 on behalf of the Chairman of the Nineveh Investment Commission, denying these reports of contracts signed with South Korean companies.]
The Chairman of the Nineveh Investment Commission said on Wednesday that it has signed investment contracts with 20 South Korean companies to build and rehabilitate the infrastructure in Mosul.
Mowaffaq al-Younis told AKnews that the board contracted with 20 South Korean companies specialising in electricity, sewerage, drainage, and the installation of drinking water supplies.
The infrastructure in Mosul suffered a marked decline over the past years as a result of military conflicts.
"We hope that these companies would start working next month ... the Commission expects that investment in Nineveh in various public areas would be around U.S. $ 12 billion until the end of 2015."
Korean companies have completed investment projects in Nineveh in 2010, including the reconstruction of Nineveh medicine laboratory (30 km north of Mosul), which was also equipped with modern Korean equipment, as well as establishing Wafah hospital for diabetes patients at a cost of 10 billion Iraqi Dinars.