Iraq Fund for Development approves a new governance, the first of a kind

INA - BAGHDAD

The Iraq Fund for Development announced on Saturday the approval of new governance, the first of a kind, and while the clearest details of the "rental service from the investor", the start date for the establishment of 400 schools after the completion of designs, was set.

"The Board of Directors of the Iraq Fund for Development holds periodic meetings. The last meeting was exceptional, as it guaranteed the approval of the so-called new governance that has not previously been spoken for in Iraq and the possibility of the fund's work in conformity with other funds around the world," said the CEO of the Fund, Muhammed Al-Najjar, to the Iraqi News Agency - INA.

He noted that "governance is required since most of the projects are investment and governance in it will generate a transparency in entering and exiting funds," adding, "The second axis discussed the activation of the Duben project for schools and guarantees required from investors in schools to the government or the fund, to start the project within a month."

Al-Najjar stated that "the fund is on its way to activate the rental service from the investor, as the school that is built is rented from the investor for ten years and then returns to the state. The basic idea of ​​this work is that it will help building 10 schools for one in the past. We started buying the cost that is divided into ten years, and this allows the construction of 10 schools at the same time instead of one. The importance of moving the capital from investors and the private sector is to achieve profits through rents."

"This leads to the creation of a large movement of schools that are built simultaneously and create wide range job opportunities and demand for raw materials, as well as makes the private sector an essential part with the government in implementing strategic projects," he included.

He pointed out, "At the beginning of the establishment of the fund, a transfer was discussed. The clay schools that are about to fall and the Caravan school to implement this system, as the total number according to the available statistics is 1750. The fund will start with the first 400 schools, including a month or less because the designs were completed as the contracts were completed with the consulting companies as the remainder of the selection of investors who can implement the first 400 schools according to international standards."

"These schools will be suitable for the environment and adopt in a few areas of afforestation. No money will be granted until the school is then granted the first rent. If we succeed in this service, some countries and organizations' financing will be useful, he added.

Regarding the presidential palaces in Basra, he pointed out that "the palaces are located in a very important spot and will allow the presence of structures that serve tourism significantly in Iraq in addition to that, they are very large resources."