Iraq signs contract with South Korea to implement Basmaya residential project

[SocalDinar]

Iraq signs contract with South Korea to implement Basmaya residential project

Iraq, May 31, 2012

Iraq today signed a contract with South Korea to implement the Basmaya residential project southeast of Baghdad.

The contract was signed at the headquarters of Iraqi PM Nouri al-Maliki between the Iraqi National Investment Committee and South Korean company Hanwha to construct 100,000 housing units worth $7bn (8.1tr IQD). The South Korean ambassador was present at the gathering.

The deal was sealed after the Council of Ministers authorized last Tuesday the head of the investment authority to sign the contract, as amended, and granted an investment license to implement the project.

Maliki said the project in Basmaya city, about 10km southeast of Baghdad, will provide houses for 600,000 citizens at an appropriate price and the payment will be for 20 years.

The PM added: "The government is seeking to set up similar projects in all the provinces in order to provide housing for all citizens."

Hanwha is expected to complete the project within five to six years. The first 25,000 housing units will be completed during the first three years of implementation.

http://www.iraqdailyjournal.com/story-z5938899

[cooked]

Big question is was the contract worded that payment will be in dinars or in us dollar. If the deal is worded they will pay 8.1 trillion dinars specifically we may be in trouble. If it is in us dollars at todays dinar value I think it's ok.

[zigmeister]

I am betting S. Korea wants their mula in dollars.

[PD41]

100,000 housing units.

More dinar flowing.

[DWitte]

You mean Iraq can't even build their own homes? What's up with that? Must mean everyone is working and no one is available in the construction field. Yeah, right. We didn't kill that many, did we?