Iraqi PM orders Cancellation of Overdue Projects

By John Lee.

Prime Minister Mustafa Al-Kadhimi visited the head office of the National Investment Commission (NIC) on Wednesday and was briefed on the progress and obstacles facing investment in Iraq.

According to a statement following the visit, the PM directed the cancellation of all licenses for investment projects whose completion rate is between 0 and 35 percent, and for which the time period available for project implementation has expired.

A total of 1,128 projects fall into this category.

It adds that the NIC will warn the owners of incomplete project that it will "oversee the implementation of procedures", and will withdraw investment licenses "in the event that an investor does not adhere to the project completion period".

(Source: Govt of Iraq)

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