Iraqi Govt. Ups Incentives at Bismayah

The Iraqi Cabinet has directed Al-Rafidain Bank, Al-Rasheed Bank, and the Trade Bank of Iraq (TBI) to pay US$100 million to South Korea's Hanwha Engineering and Construction Company, which is implementing the Bismayah City residential project.

It also agreed to reduce the minimum advance payment for buying housing units at the Bismayah City residential project from 25% to 10% of the purchase price. The cabinet will also negotiate with the lending banks to reduce the interest rate on loans for buying housing units at the Bismayah City from 4% to 2%.