Zain Iraq Secures $400m Debt Facility
IFC, a member of the World Bank Group, is supporting economic growth and expanded access to telecommunications services in Iraq through a landmark $400 million, seven-year debt facility for Zain Iraq, the country’s largest mobile phone operator. Zain Iraq is a subsidiary of Kuwait-based telecommunications operator Zain Group, a longtime IFC partner. Zain is the […]
$3.5bn Investment Licences Issued in Baghdad
Baghdad Investment Commission has issued 87 investment licenses worth a total of 3.5 billion dollars during the last thirteen months, and it claims these will provide about 350,000 jobs. The Commission's Chairman, Mr. Shaker Al- Zamily, said the licences included 13 in the construction sector (consisting of 17 projects for the construction of 120,000 housing […]
Versar Wins $1.5 Training Contract in Iraq
Versar, the Springfield Virginia-based project management company, has announced it was awarded an approx. $1.5 million contract from the United States Forces in Iraq for the training of Iraqi Ministry of Defense personnel. The contract will continue through September 2011. This contract will train and certify over 300 Iraqi engineers and technicians to operate and […]
UN Calls for Participation of all Iraqis in Building the New Iraq
The United Nations in Iraq calls on all Iraqi authorities to fully recognize the importance of participation of all Iraqis in building a democratic, stable and prosperous State in order to consolidate and further strengthen significant progress made in the recent period. The UN in Iraq emphasizes that freedom of expression and assembly are fundamental […]
Basra Investment Commission Grants 12 Licences in 2010
The Chairman of Basra Investment Commission said that the commission had granted 12 new investment licenses during 2010, which is the same number of projects licensed in 2009. Haidar Ali showed that the value of housing projects exceeded $500 million [600 billion Iraqi dinars], while the value of industrial projects was more than $245 million. […]
NIC Calls to Standardise Investment Licences
NIC Chairman, Dr. Sami Al- Araji has proposed standardising the investment licence template for investors in all provinces. The new licence template was discussed during a meeting headed by Dr. Sami and attended by the chairmen of the PICs (Provincial Investment Commissions). Dr. Sami also gave his directives to accelerate the process of allocating the […]
US Army Major Guilty of Iraq Bribery
A former U.S. Army major and his wife have been convicted of bribery and money laundering in a huge scheme that illegally funneled some $60 million in Iraq war contracts, the Justice Department said on Wednesday according to a report from AFP. Eddie Pressley and his wife Eurica, from Harvest, Alabama, engaged in "an audacious […]
Babil to Install Power Generators
Babil Investment Commission announced the intention to contract with the American company 'Fidelity International' to provide the province with 70 power generators on an investment basis. The Chairman of the Commission said that the provincial government had directed during the meeting with the energy committee and the investment commission to contract with the company to […]
Iraq Budget - Additional $8bn to Play With
The increase in world crude oil prices this year will add $8 billion [9.6 trillion Iraqi dinars] to the Iraqi budget, the Secretary-General of Iraq’s Council of Ministers said. Ali al-Allaq (pictured) told al-Sabah Newspaper in Baghdad on Tuesday that the increase would result in additional allocations to for the implementation of projects. He added […]
UK Cuts Aid to Iraq
Britain's International Development Secretary, Andrew Mitchell (pictured), announced on Tuesday the key outcomes of two aid reviews and set out the results that UK aid will deliver for the world's poorest people over the next four years. These ambitious reviews of DFID's [Department for International Development] country programmes and funding to international organisations will, according […]
Baiji Refinery Partially Re-Started
Iraq restored partial operation at its largest oil refinery on Monday after a two-day shutdown due to a bomb attack, Reuters reports. "We have restarted production operation at 50 percent of the original capacity on Monday," Abdul-Qader Saab, the refinery's deputy manager, said. The militants planted explosives at a kerosene and benzene production unit at […]
Govt Responds to Demands; Possible Strike in Sulaimaniya
A representative of the protesters in Sulaimaniya said the anti-government campaigners have given the Kurdistan Regional Government 48 hours to respond officially to their demands or they will stage a general strike in Sulaimaniya city. The parliament sent a 12-member delegation to hear the demands of the marchers on Monday, almost 12 days after the […]