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Iraq, S.Korean Firms Sign MOU on $25 Bln Housing Project
Written: 2010-11-08 07:27:07 / Updated: 2010-11-08 08:48:29
The state investment agency of Iraq has announced the signing of a memorandum of understanding with a South Korean consortium on a 25-billion-dollar housing construction project.
The consortium includes the Hyundai and SK conglomerates and steelmaker POSCO.
The project is to build around 500-thousand homes costing 50-thousand dollars per unit across Iraq.
Iraq's deputy finance minister expects the contract on the project to be signed in January.
Iraq is severely short of housing following years of war and international sanctions. Iraqi officials believe two to three million new homes are needed to meet demand.
The consortium includes the Hyundai and SK conglomerates and steelmaker POSCO.
The project is to build around 500-thousand homes costing 50-thousand dollars per unit across Iraq.
Iraq's deputy finance minister expects the contract on the project to be signed in January.
Iraq is severely short of housing following years of war and international sanctions. Iraqi officials believe two to three million new homes are needed to meet demand.
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