The Southern Iraqi Basra governorate has invited foreign firms to complete 92 projects on post-payment basis, a news network reported quoting the head of the construction and development commission in Basra's governing council.
A severe cash shortage caused by weak oil prices and war costs has blocked the completion of 92 infrastructure projects in the Southern Iraqi Basra governorate, Al-Sumeria News said, quoting Zahra Al-Bijari.
The governorate controls more than half of Iraq's oil resources.
"About 92 projects have been stalled in Basra for more than two years because of the financial crisis although more than 80 percent has been completed in most of them. We found that the only way to execute these projects is to deal with companies on post-payment basis," she said.
She added that companies from Iran, China, Spain and Romania have already offered to undertake those projects on post-payment basis that allows the government to pay contractors after they complete and deliver the projects.