Iraq Receives First $111 Million Payment to South Korea’s Hanwha for Bismayah Housing Project

The head of Iraq’s National Investment Commission, Adel Al-Yasiri, announced on Monday that the first payment of $111 million had been delivered to South Korea’s Hanwha, the company responsible for implementing the Bismayah residential city project. The payment represents half of the total outstanding amount of $222 million and follows direct intervention and continued follow-up by Prime Minister Ali Falih Al-Zaidi.

In a statement, the commission said the payment was facilitated through cooperation with the Ministry of Finance, Al-Rafidain Bank, and the Parliamentary Investment and Development Committee as part of efforts to resolve financial and operational obstacles that had affected the project.

The commission added that parallel measures had included completing the necessary property deeds for residents, releasing eligible loans, and activating service companies operating within the city to improve services and address residents’ needs.

The statement also confirmed that an agreement had been reached with the South Korean ambassador and the implementing company to schedule the second and final payment for six months later, with the aim of ensuring the project’s stability and the continuation of work efficiently.