Iranian firm wins $1.5bn contract to rebuild Basra

17 February 2009
The Basra Investment Commission has awarded a $1.5bn contract to redevelop parts of the city of Basra to an unnamed construction firm from Iran.

The work will entail construction of 5,000 new housing units in Iraq's second city, as well as a range of schools, hospitals and parks. The company will also build a supermarket and commercial units for up to 2,000 shops.

The work represents the largest construction contract won by an Iranian firm since the US-led invasion in 2003. The award follows a recent visit to Iraq by Manouchehr Mottaki, the Iranian foreign minister, which saw Baghdad and Tehran pledge to boost trade between the two countries.

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