By John Lee.
A payment of $111 million has been released to South Korean contractor Hanwha for completed residential units at the Bismayah housing project in Baghdad.
The National Investment Commission (NIC) announced the release of the first instalment, covering 8,280 completed units, following the completion of all required legal and documentary procedures.
The payment was processed via a transfer from the NIC's account to Hanwha's account at Rafidain Bank, routed through the Central Bank of Iraq (CBI), in accordance with Cabinet decisions on the disbursement of dues for completed works.
According to the NIC, the funds are expected to support the handover of residential units to beneficiaries, with Rafidain Bank processing lending contracts in sequential batches according to contract priority. The payment is also intended to enable Hanwha to continue operating and managing utilities and essential services within the city, including electricity stations, water systems, and sanitation infrastructure.
The NIC said it is continuing to coordinate with Rafidain Bank and financing entities to release a second instalment of $111 million, as well as to finalise financial and legal arrangements for the remaining 70,000 units. Adel Dakhil Muhammad al-Yasiri, head of the NIC, announced the release of the first instalment on Thursday.
(Source: National Investment Commission)
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