Iraq has approved a project to build business and commercial zones in the outskirts of the capital Baghdad as part of plans to expand the city's entrances, the official Iraqi news agency reported on Sunday.

The project will be offered soon to investors and each zone will have an area of more than 250,000 square metres, it said, quoting Baghdad's Governor Mohammed Al-Atta.

"The zones will be constructed just outside Baghdad's five main entrances...the project is intended to facilitate business and commercial activities and reduce the number of cargo trucks entering the city," he said.

The project comprises many buildings, warehouses, restaurants and other facilities, he said, adding that it would be offered to investors because it of its large costs.

Atta said the project had been due to be launched in 2020 but was delayed due to the Coronavirus and the country's financial crisis as a result of weak oil prices.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020