KRG Dedicates Four Billion Dinar Infusion to Resuscitate Suspended Projects in Sulaymaniyah

KRG Dedicates Four Billion Dinar Infusion to Resuscitate Suspended Projects in Sulaymaniyah

Shafaq News/ Kurdistan's Ministry of Municipalities and Tourism on Monday announced a commitment of over four billion Iraqi dinars (IQD) to reinvigorate a series of infrastructural projects in Sulaymaniyah.

This came as the Investment Authority in the region declared its intent to breathe life into stalled residential projects in the same governorate.

In a statement to Shafaq News Agency, Minister Sasan Awni shed light on plans to inject 4.644 billion IQD into 14 key service initiatives.

He stated, "These projects, funded by revenue from the sale of lands in the Sulaymaniyah municipality, encompass an array of infrastructure overhauls, from road construction to concrete structures and the expansion of the local sewer network."

The allocation also earmarks the procurement of liquid asphalt and fuel for the Tangaro asphalt factory.

In tandem with this infrastructural drive, the Ministry underscored its plans to reactivate incomplete residential developments. The Supreme Council for Investment has orchestrated a financial blueprint for project owners to establish new bank accounts. These new financial conduits will facilitate the direct deposit of income from citizens and concurrent projects, marking a decisive step towards what was seamless project continuation.

Commenting on this approach, Mohammed Said, the Head of the Investment Authority, emphasized the critical need for action.

"Several housing projects were halted in Kurdistan region by this ministerial formation, leaving many individuals heavily invested and waiting for completion," he said.

While acknowledging the unresolved issues pertaining to some projects, such as the Dashti Baxt project mentioned in the government program, Said expressed optimism for the year ahead.

"We have convened a specialized committee to dive into the details of these projects in a bid to root out issues and create a roadmap for the resolution," Said added.

The Supreme Council for Investment, as per Said, has solicited project owners to exclusively deposit citizens' funds in the newly opened bank accounts.

"In this meticulously crafted plan, no alterations or transfers of funds can be made without securing official approvals, ensuring financial transparency."

Siad said that "necessary expenses would be withdrawn from these accounts with investor consent, thus providing a robust mechanism to prevent investor neglect and maintain a smooth progression of the projects."

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