The first of its kind. Iraq Fund for Development announces the approval of new governance, 21 SEPT

 Mawazine News – Baghdad

The Iraq Fund for Development announced on Saturday the approval of a new governance, which is the first of its kind, and while explaining the details of the “investor rental service”, he set a date for the start of establishing 400 schools after completing their designs.

The Executive Director of the Fund, Mohammed Al-Najjar, said: “The Board of Directors of the Iraq Fund for Development periodically holds meetings, and the last meeting was exceptional as it included the approval of the so-called new governance that was not previously beaten in Iraq and the possibility of the Fund working in accordance with other funds around the world,” noting that “governance is required because most projects are investment and governance in them will generate a transparency issue in the entry and exit of funds.”

He added that “the second axis discussed the activation of the Duben project for schools and the guarantees required from investors in schools to the government or the fund; with the aim of starting the project within a month.”

Regarding the purchase of services from investors, Al-Najjar said that “the fund is on its way to activating the rental service from the investor, as the school that is built is rented by the investor for ten years and then returns to the state,” pointing out that “the basic idea of this work is that it will enable us to build 10 schools for one previously.”
He stated, “We started buying the cost, which is divided into ten years in the form of rent, and this allows the construction of 10 schools at the same time instead of one,” pointing out that “the importance of moving capital from investors and the private sector to make profits through rents.”
He pointed out that “this leads to the creation of a large movement of schools that are built simultaneously and create great job opportunities and the demand for raw materials and makes the private sector an essential part with the government in the implementation of strategic projects,” pointing out that “at the beginning of the establishment of the fund, it was discussed to transform the clay schools that fall and caravanism to be implemented with this system, as the total number according to the available statistics are 1750 schools.”
He stressed that “the fund will start the first 400 schools within a month or less because the designs have been completed and the contracts with consulting companies have been completed, and what remains is the choice of investors capable of implementing the first 400 schools according to international standards.”
He stated that “these schools will be environmentally friendly, and built in low-afforested areas,” pointing out that “no money will be granted until the school receives the first rent.”
He pointed out, “If we succeed in this service, there are countries and organizations that will benefit from its funding.”
Regarding the presidential palaces in Basra, he pointed out that “the palaces are located in a very important location and will allow the existence of structures that serve tourism significantly in Iraq, in addition to the fact that they provide very large resources.”

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