Iraq Budgets $4 Billion For Housing Needs

Posted by Orb Staff on May 21, 2012 No Comments
Categories : Residential Mortgage

11595_125px-flag_of_iraq.svg Iraq Budgets $4 Billion For Housing Needs The government of Iraq is planning to spend $4 billion on housing through 2016 in order to address the nation's severe housing shortage.

According to a Bloomberg News report, Iraq needs to construct 2.5 million homes over the next several years. To begin the pursuit of its goals, the government is expecting to close a $250 million housing project tender to build 3,000 moderate-income homes in Basra within the next two weeks.

The Iraqi government is also seeking international assistance with its housing problems. South Korea's Hanwha Engineering & Construction Corp. has finalized a $7 billion contract to build 100,000 housing units over the next seven years.

The government's housing push is part of a wider infrastructure project that includes the construction of new roads and bridges.

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