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FINANCIAL NEWS
Iraq to invest up to USD75b in infrastructure by 2017
22 Sep 2012
(MENAFN) Iraq plans to invest between USD250 to USD275 billion in infrastructure projects and other investments over the next five years, Reuters reported.
The Minister of Planning Ali Al Shukri said that allocating these huge sums will give a big boost in pushing the development pace forward. The investment plan will run from 2013 to 2017, his office said in a statement.
Shukri invited foreign companies to invest in Iraq’s housing, tourism, agriculture, industry and higher education sectors.
Although sectarian violence has cooled, economic development in Iraq was still slow as
Al-Qaeda militants and other insurgent groups are still active, which make security costs a large burden for foreign investors.
Bureaucracy and red tape is another issue that stands in the face of investors. Government infighting has delayed projects in areas such as electricity and telecommunications.
However, the market is potentially lucrative for foreign investors.
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