Iraq’s National Investment Commission announced on Monday that it had received the first installment of outstanding payments owed to South Korea’s Hanwha, the company implementing the Bismayah residential city project. The payment amounts to $111 million out of a total of $222 million, following direct intervention and continued monitoring by Prime Minister Ali Falih Al-Zaidi.
In a statement, the commission said the payment was made possible through coordination with the Ministry of Finance, Al-Rafidain Bank, and the Parliamentary Investment and Development Committee, as part of efforts to settle financial obligations and overcome challenges hindering the project.
The commission also noted that parallel measures had been taken to complete property documentation for residents, release eligible loans, and activate service companies within Bismayah to improve public services and address residents’ needs.
It added that an agreement had been reached with the South Korean ambassador and Hanwha to pay the remaining $111 million after six months, a move intended to maintain the project’s stability and ensure the continued progress of construction and related works.
