Baghdad Council has announced that it had agreed to build an American university at a cost of $245 million USD (286 billion IQD) in the Bismaya area southeast of the capital.
The Chairman of the Council's Planning and Follow-up Commission, Mohammed al-Rabie, told AKnews the faculty will be limited to science, engineering and medicine and it has the approval of the Ministry of Education, leaving only simple administrative procedures to be implemented.
"According to investment law this project does not need the approval of the federal government because Baghdad has the right to grant investment licenses of up to $250 million USD (292 billion IQD)."
The local government in Baghdad demanded the national government make an exception for investment companies to allow them to implement projects in the capital within the 2012 budget.
In 2006 Iraq ratified investment Law No 13 to encourage foreign companies to enter the country and contribute to rebuilding the country's dilapidated infrastructure. The first amendment to the law in 2009 gave foreign investors the right to own land to establish housing projects on them.