Baghdad – WAA
The Iraq Development Fund announced today, Saturday, the approval of a new governance, the first of its kind, and while explaining the details of the “rent from investor service”, it set a date to begin constructing 400 schools after completing their designs.
The Fund’s Executive Director, Mohammed Al-Najjar, told the (INA): “The Board of Directors of the Iraq Development Fund holds regular meetings, and the last meeting was exceptional as it included the approval of the so-called new governance that had not been previously discussed in Iraq and the possibility of the Fund operating in line with other funds around the world,” indicating that “governance is required as most projects are investment projects and governance in them will create an issue of transparency in the entry and exit of funds.”
He added, “The second axis discussed activating the Dubin Schools Project and the guarantees required from school investors to the government or the fund, with the aim of starting the project within a month.”
Regarding purchasing services from investors, Al-Najjar stated that “the fund is on its way to activating the rental service from the investor, as the school that is built is rented from the investor for a period of ten years and then returns to the state,” noting that “the basic idea of this work is that it will enable us to build 10 schools compared to one previously.”
He said, “We started purchasing the cost, which is divided over ten years, as a lease, and this allows the construction of 10 schools at the same time instead of one,” noting, “the importance of mobilizing capital from investors and the private sector to achieve profits through leases.”
He explained that “this leads to the creation of a large movement of schools that are built at the same time and creates large job opportunities and demand for raw materials and makes the private sector an essential part with the government in implementing strategic projects,” noting that “when the fund was first established, the conversion of dilapidated mud schools and caravans was discussed in order to be implemented with this system, as their total number, according to available statistics, is 1,750 schools.”
He stressed that “the fund will start building the first 400 schools within a month or less because the designs have been completed and the contracts with the consulting companies have been completed. What remains is choosing the investors who are able to implement the first 400 schools according to international standards.”
He stated that “these schools will be environmentally friendly and will be built in areas with little afforestation,” noting that “no money will be given until the school is received, after which the first rent will be given.”
He said, “If we succeed in this service, there are countries and organizations whose funding will be used.”
Regarding the presidential palaces in Basra, he pointed out that, “the palaces are located in a very important location and will allow for the presence of structures that greatly serve tourism in Iraq, in addition to the fact that they generate very large resources.”