By John Lee.
South Korea's Hanwha Engineering and Construction has said that it has received an additional $511 million in advance payment for its Bismayah New City Project (BNCP), located 10 kilometers southeast of Baghdad.
According to a report from Yonhap News, this brings the amount of money the builder has received so far for the $8 billion Bismayah New City Project (BNCP) to around $1.6 billion, or 20 percent of the total.
The company said Iraq will send another $388 billion in the second half.
The 1,830-hectare Bismaya development is intended to accommodate around 600,000 residents in a total of 100,000 residential units. Construction is due to be completed by 2019.
About 100 South Korean companies are also engaged in the project as partners and have some 1,500 workers stationed at the site.
(Source: Yonhap News)