South Korea’s Hanwha Engineering and Construction (E&C) has said it has received an additional payment of $230 million from the Iraqi government for work carried out in the first half of this year on the Bismayah New City project in Baghdad.
The new city project includes construction of about 100,000 houses and infrastructure near the Iraqi capital of Baghdad. The total contract money is US$10.1 billion. So far, Hanwha E&C has received a total of US$3.47 billion, about 34.7% of the total contract money, according to the report from Business Korea.
The $230 million collected this time was paid on three separate occasions during an Iraqi general election. The third and last payment for the project was made on May 23 after the general election in Iraq, showing the Iraqi government’s will to stabilize the new city regardless of political situations, Hanhwa E&C explained.
Iraq Business News