PROJECTS: Iraq devises plan to revive stalled projects

by **GirlBye** Tue Oct 06, 2020 2:01 pm

Plan to end red-tape

PROJECTS: Iraq devises plan to revive stalled projects 140115044719HCPV

Iraq has prepared a plan to revive stalled projects by revising their costs and technical specifications as part of a post-war development strategy, the official Iraqi Alsabah newspaper said.

The plan will clear all red-tape and routine administrative procedures that have obstructed thousands of projects, it said, quoting Suha Najjar, head of Iraq's National Investment Commission (NIC).

"NIC has devised a comprehensive plan to revive all delayed and stalled projects through the country by revising them from the financial, technical and investment perspective," Najjar said.
She said NIC is coordinating with relevant departments to tackle obstacles blocking the resumption of stalled projects, mainly in infrastructure, industry and health.

Najjar said the plan also removes the "minimum capital" condition which NIC stipulates for licensing projects for citizens, adding that there would be a clear mechanism allowing the private sector to start projects with NIC funding.
Planning Ministry officials said last month there are nearly 6,000 stalled projects due to weak oil prices and internal hostilities.

Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@refinitiv.com)