OPEC oil producer Iraq is expected to resort foreign finance to fund hundreds of projects which will be executed in the coming period as part of an investment marathon, the Chairman of the National Investment Commission has said.
Haidar Makkieh said some projects cost billions and they could constitute a heavy burden on the country’s finances.
“Iraq is on the verge of a massive investment marathon which includes a large number of projects,”Makkieh told the official Iraqi News Agency on Thursday.
“We need to benefit from international financial institutions to fund these projects to ease the burden on the already stressed Iraqi coffers.”
Makkieh said foreign creditors could either provide loans or directly fund projects on an investment basis, adding that funding could cover both local and foreign projects.
He noted that some planned projects are Development Road rail project and the Baghdad Metro, which are expected to cost nearly $17 billion and $18 billion respectively.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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