NIC plans to Revitalize Stalled Projects in Iraq

By John Lee.

Iraq's National Investment Commission (NIC) has announced that it has prepared a plan to revitalize stalled projects.

NIC Chairman, Suha Dawood Najar (pictured), said:

"NIC have prepared a plan to revitalize the investment process all over the country in all sectors through activating the lurking and halted projects and reshaping them financially and technically, noting that " there is some red tape that hinders the implementation of these projects, the matter that urged NIC to directly coordinate with the concerned departments and institutions to solve problems especially these connected to infrastructure and investment projects in health and industry sectors.

"The financial ceiling for the investment projects within which NIC was concerned is 250 Million $ and above according to investment law but we currently seek to adopt all projects regardless of its area or financial cost, assuring at the same time that we are about to find a clear and well defined mechanism through which we can equally involve the citizens and the private sector in NIC projects to ensure its funding.

"NIC started real steps to solve the problems that face lurking investment projects and visits have been made to a number of projects in several provinces (Basrah, Kerbala, Wasit) to participate in easing these problems."

The Chairman also referred to the importance of activating the role of the One Stop Shop to solve the red tape problem and assured that "the Commission seeks to take its role in adopting the economic policies for the investment process in the country and not to be exclusively devoted to granting investment licenses but also revitalizing the halted projects" stressing the significance of activating the investment law in a way that harmonize with the new vision and avoid loopholes in law that obstruct this goal."

(Source: NIC)

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