OPEC producer Iraq has endorsed a master plan for its capital Baghdad involving the construction of new residential areas and expansion of roads.

Construction and Housing Minister Benkin Rikani revealed the plan on Wednesday after announcing the creation of a joint commission with the Oil Ministry to oversee parts of the master plan, according to the official Iraqi news agency.

Rikani said plans for the “expansion and development” of Baghdad have been prompted by a steady rise in the population and the need to modernise the capital within the country’s post-war rebuilding programme.

Ina quoted the Minister as saying the master plan comprises “the expansion of the basic design of the city, the construction of a number of residential cities and housing complexes, building of low-cost houses for citizens, expansion of internal roads and speedways, and other transport projects.”

On Monday, Zawya Projects reported, quoting Iraqi media, that the Japan International Cooperation Agency (JICA) has agreed to provide 32 soft-term loans to Iraq with a total value of 860 billion Japanese yen ($6.3 billion) to fund projects in infrastructure and other sectors.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)