By John Lee.
Hanwha E&C has announced that the company received the fourth deposit of US$387.5 million (452 billion Iraqi dinars) for the construction of the Bismayah New City (pictured) outside Baghdad.
This sum brings Hanwha receipts from the project to $1.9375 billion, 25 percent of the total construction cost.
The $8-billion project is the largest overseas construction project ever for a Korean company, according to a report from BusinessKorea.
CEO Lee Geun-po of Hanwha E&C said:
“Successful receipt of deposit this time proves the strong confidence of the Iraqi government in Chairman Kim Seung-yeon and the great capabilities of Hanwha E&C in construction performances.
"Even during the civil war in Iraq, Hanwha E&C employees and subcontractors are very devoted to proceed with the construction.”