Iraq, Spanish company conclude MoU at housing sector

Baghdad (IraqiNews.com) The Ministry of Housing & Reconstruction announced “The Housing Fund associated with the Ministry concluded a Memorandum of Understanding with the Spanish GC Company specialized in establishing the housing complexes.”

The Ministry cited “The MoU includes financing the Housing Fund to construct 300-unit residential complex in Wihda neighborhood in Baghdad and the project will be implemented by GC Co.,” noting “The project will be financed till the implementation rate reaches 25% to be financed by the Housing Fund thereafter.”

“The Housing Ministry seeks through financing the Housing Fund to build residential compounds with high levels of cooperation with Arab and foreign companies within its annual investment plan in Baghdad and other provinces that aims to increase the supply on the housing units and decrease the demand as well as pushing the economy towards the construction,” the statement stressed.

“The housing sector is very important and it will help develop all the economic sectors in the country in addition to giving loans to all the citizens if it is upgraded,” according to the statement.