Iraq prepares investment portfolio to attract $250 billion in two years
Economy News – Baghdad
Iraq is preparing to launch a wide range of projects with the aim of attracting investments worth up to a quarter of a trillion dollars over the next two years, in an unprecedented step in the country.
The package of investment opportunities includes projects in the fields of renewable energy, industrial and agricultural cities, railway networks, in addition to the education, telecommunications, tourism and entertainment sectors, according to the head of the National Investment Authority, Haider Makiya, during an interview with Al-Sharq.
Makiyah revealed that the authority has completed all the necessary requirements for 103 investment opportunities, in addition to large future projects, and “it is possible during the next two years that there will be funds flowing about 250 billion dollars” to Iraq.
The return of investment momentum to Iraq
This package comes amid the activity of the National Investment Authority to revive dozens of projects that have resumed work on, in addition to revitalizing others, and addressing the obstacles facing investors with various sectoral entities. According to the head of the Commission, “the number of projects lagged throughout Iraq reached 249 projects.”
The National Investment Authority was established in 2006. From that date until the end of 2022, the volume of investments flowing into Iraq did not exceed $35 billion. However, after implementing administrative and technical reforms and establishing controls that facilitate the investment process, the volume of investment permits granted rose to $69 billion until last June, according to Mecca.
In comment on the statement of Iraqi Prime Minister, Mohammed Shia Al-Sudani, in late October, who stated that “the volume of investment for the year 2024 reached 100 billion dollars,” Makiya explained that “this figure is correct if we collect the amount of 69 billion dollars flowing from the same year with other strategic projects such as the Baghdad Metro project and the Najaf-Karbala Metro project, up to 100 billion dollars.”
Financing and land obstacles
Despite the remarkable growth in the volume of investments in Iraq, the President of the National Investment Commission pointed out that challenges facing foreign and local investors remain. He stressed that “the main obstacle for the investor is the financing of investment projects,” explaining that the investment law obliges the Authority, in coordination with the Ministry of Finance, to provide facilities and loans to investors. However, “government and private banks operating in Iraq lack the necessary capabilities to finance projects, especially strategic ones.”
Land allocation also represented a challenge for investors in Iraq, according to Mecca, who described it as an “eternal problem” that the Commission is seeking to address gradually. He revealed that the Ministry of Finance, which owns the majority of the land, granted the National Investment Commission a number of land in six governorates in the southern region, with expectations of obtaining more land in the coming period. He stressed that the land and official permits were allocated to these projects, and that they are ready to be announced and open the way for competition among investors.
Iraq Investment Forum
Haider Mecca told Al-Sharq that investment opportunities have become in a complete portfolio to be presented at the “Iraq Investment Forum” to be held in Baghdad, and “this is expected to be done at the beginning of next year,” without specifying an exact date.
It is noteworthy that the National Investment Commission had previously announced the organization of the forum this November, but the event was postponed due to the events in Gaza and Lebanon.
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Added 2024/11/12 – 11:43 AM
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