A major step has been taken to resolve the long-delayed loan issue for contractors working on residential units in the Bismayah housing project.
The National Investment Commission (NIC) and the Ministry of Finance held an emergency meeting and agreed to move forward with releasing the loans through Rafidain Bank.
The meeting brought together NIC Chairman Adel Dakhil Muhammad Al-Yasiri and Finance Ministry Undersecretary Dr. Ali Karim Hussein. It came shortly after Prime Minister Ali Al-Zaidi visited the NIC and instructed officials to find a quick solution to the issue.
According to the NIC, both sides reached a full agreement on the technical and financial arrangements needed to begin releasing the loans to eligible contractors.
The commission also announced that title deeds for the residential units will be issued and delivered to beneficiaries in the near future.
Al-Yasiri said the Prime Minister’s direct involvement played a key role in moving the process forward. He also thanked the Finance Ministry for its cooperation in overcoming the administrative and financial challenges that had delayed the loan file for several years.
The agreement is expected to provide relief to contractors who have been waiting for funding and could help speed up progress within the Bismayah housing project, one of Iraq’s largest residential developments.
