The Basra Investment Commission has issued licences for eight projects in the southern province worth $520m.
The commission has awarded the licences to seven unnamed Iraqi companies and one Iranian investor, according to the commission. The projects are in the housing, industrial, agricultural and tourism sectors.
In early September, the Iraqi government allocated $200m to Basra municipality to compensate for the local government’s 2009 budget deficit.
Baghdad has granted ID208bn ($181m) to the local government of Basra as a supplementary budget for 2009, and an additional $20m to lay a pipe carrying drinking water from central Basra to Faw in the south of the province.
Local officials expect to receive a further $25m for projects to develop the marshland areas in Basra (MEED 9:9:09).