Kurdistan investment board approves dozens of "sectors for the future" projects

Mustafa Shilani 2021/05/29 10:36

The projects will be implemented in remote areas and will play an effective role in increasing income and strengthening the economic infrastructure throughout Kurdistan. (Photo: Archive)

ERBIL (Kurdistan 24) – The Kurdistan Region Board of Investment has approved the implementation of 670 projects, including major strategic projects, in the context of transition to an economy that is not dependent on oil.

Since its formation, the Kurdistan Regional Government’s ninth cabinet has allocated more than 15 billion IQD ($10.3 million) to implement strategic and sustainable projects in the region’s four provinces.

The government has already completed several strategic projects, especially in the areas of transportation infrastructure, electricity, food, and health, despite the financial crisis, in efforts to improve the agricultural and industrial sector, diversify sources of income, and maximize local exports.

So far 670 projects have been approved in the Kurdistan Region and will be implemented soon, said Mohammed Shukri, the head of the investment board.

The projects will not only include provincial centers but will also be launched in remote towns and villages at a cost of about 17 billion IQD, Shukri told Kurdistan 24.

The Kurdistan Region is still facing a financial crisis due to Baghdad's delay in paying its financial commitments, compounded by the coronavirus outbreak and the global collapse of oil prices.

Like the federal government in Baghdad, the regional government depends on oil to cover the majority of its expenses and fund projects, and the KRG is working to diversify its income sources. The government intends to diversify its sources of income and to transform the region from a consumer region to a producer, turning it into a food basket for the whole of Iraq.

Prime Minister Masrour Barzani has pledged that the crises will not stop his government’s plan to establish sustainable infrastructure.

The Deputy Governor of Erbil, Masoud Karash, told Kurdistan 24 that he welcomed the imminent implementation of new projects in the province, and said, "we support all projects approved by the investment authority."

Editing by Joanne Stocker-Kelly