Iranian firm to build 10,000 flats in Baghdad

 

By Sameer Nasser

 

Azzaman, 2005-03-09

 

An Iranian firm is negotiating a contract to construct 10,000 flats for university staff in Baghdad.

 

Emiran Company, an Iranian construction firm, will implement the project, one of the largest housing schemes in the country since the fall of former President Saddam Hussein in 2003.

 

Emiran’s engineers and executives are reported to have held several meetings with officials from the ministries of finance and higher education on how to finance the project.

 

“We have agreed that the flats must be modern and developed,” a source at the Ministry of Higher Education said.

 

“The company (Emiran) will be under obligation to have all the materials and items used in the construction inspected by Iraqi experts,” the source added.

 

The Iraqi Commercial Bank and an Iranian counterpart will provide the financing by extending loans to beneficiaries, the source said.

 

Iranian entrepreneurs, firms and banks are active in Iraq despite the departure of most foreign companies and their representatives from the country.

 

Iranian banks have opened branches in several Iraqi cities and the Iranian currency, the toman, exchanges hands besides the Iraqi dinar in several Iraqi cities particularly in the south.