Investment projects in Basra hit $121m

BASRSA / IraqiNews.com: Investment projects in Basra hit $121 million since 2008, the largest in Iraq, according to the chief of the Basra Investment Commission on Thursday. “Actual value of investments carried out in Basra in light of licenses granted by the commission hit $121 million since the beginning of the commission’s work in mid-2008,” Hayder Ali Fadel told IraqiNews.com news agency. “The volume of investments in Basra is the largest among all Iraqi provinces. The licenses officially granted by the commission for investments in Basra went to local and foreign firms and covered nearly all sectors,” he said. Fadel noted that the investment climate in Basra, however, has witnessed a clear slump due to the recent security developments. The oil-rich port city of Basra, Iraq’s only outlet to waterways, lies 590 km south of the Iraqi capital Baghdad. AmR (P) 2