Iraq gives light green to USD692m cement palnt

16 Jun 2011

(MENAFN) Iraq’s government spokesman, Ali Al-Dabbagh, said that the country’s cabinet approved to award an investment license for a local firm to build a USD692 million cement plant, reported Arab News.

Al-Dabbagh added that the firm was a joint venture between an Iraqi company and an Italian one, moreover, the factory would be established in the Diwaniya province, 150 km south of Baghdad, with a 185 acres covered area.

He also said that the Iraqi government set a target of USD30 billion for total investment in 2011, mainly in energy, housing and agriculture.

It is worth noting that Iraq has large oil reserves and is opening itself up to foreign investors to help it rebuild after decades of war and economic sanctions. The National Investment Commission has put together an investment plan of 750 projects valued at USD600 billion to rebuild the country.

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