By Nadim Kawach, for Arabian Gulf Business Insight (AGBI). Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.
Iraq Corruption Crackdown to Cut Project Costs, PM's Aide Says
Iraq's new government hopes an unprecedented crackdown on corruption will cut the cost of projects and lure foreign investors back, according to an aide to the recently appointed prime minister, Ali Al Zaidi.
Project costs in Opec's second-largest oil exporter have risen sharply - in some cases by nearly half - because of financial malpractice in government offices, Mudhar Saleh, an aide to Al Zaidi, told the official daily Alsabah.
"It is difficult to accurately determine the true size of the funds associated with corruption, but estimates in the international business environment indicate what is known as the 'cost of Iraq' on projects and investments, which in some cases may reach about 45 percent of the cost of project implementation," Saleh said.
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