The mayor of the Iraqi capital has said that the country needs $100bn in investment to build one million new homes in Baghdad and meet a shortfall in residential property for its growing population, Reuters has reported. Around 80 per cent of the total figure would come from investors and 20 per cent from the government, Saber al-Issawi said. Baghdad has earmarked $1.5bn for residential and infrastructure spending in 2011 but this figure has yet to be approved by the government and could be revised lower, he said.