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.