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OPEC member Iraq intends to implement a brand new building regulation with the intention of attracting funding as a part of an ongoing post-war rebuilding programme, the official Alsabah newspaper reported on Friday.
The brand new regulation needs to be accepted by the deliberate new cupboard earlier than it’s handed to parliament for closing endorsement, the paper stated.
It quoted Baqer Al-Saadi, a member of the Parliament’s Building Committee, as saying the brand new regulation contains the institution of a “building and funding council” to prepare investments and exercise on this sector.
“The brand new regulation contains amendments to the outdated one, particularly the articles associated to buyers…it’s a essential regulation as it would give a robust push to building exercise and creates greater than 300,000 jobs,” Al-Saadi stated with out giving additional particulars.
Iraq, which controls the world’s fifth largest confirmed oil deposits, has been locked in a drive to rebuild war-damaged services.
(Writing by Nadim Kawach; Modifying by Anoop Menon)
(anoop.menon@lseg.com)
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