By John Lee.
Progress on the Bismayah housing project and outstanding funding issues were discussed at a meeting between Iraq's National Investment Commission (NIC) and representatives of South Korea's Hanwha.
NIC Chairman Adel Dakhil Muhammad al-Yasiri received Hanwha's project representative, Yong Jae Park, along with his delegation on Wednesday.
Al-Yasiri stated that he was fully briefed on the project's current status, including challenges related to financing plans and completing the remaining works. He indicated he intends to present a number of proposals to relevant government bodies, in line with the project's strategic importance in supporting the national economy, developing infrastructure, and providing adequate housing.
He reaffirmed the NIC's commitment to providing the necessary facilities and support to Hanwha to ensure adherence to agreed timelines. Hanwha's representatives confirmed the company's commitment to its operational plans and readiness to continue work efficiently.
In a separate meeting, al-Yasiri also met with a group of citizens who have contracted for units in the project. Those present included the Director General of the NIC's Administrative and Financial Department. Attendees raised concerns about delays in finalising loan contracts for registered buyers who have already paid a 10% deposit, pending receipt of their residential units, citing insufficient liquidity at the relevant bank.
Al-Yasiri directed staff to coordinate urgently with relevant bodies, including the Ministry of Finance, to complete the signing of loan contracts and release funds for affected buyers.
(Source: National Investment Commission)
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