Board of Iraq Development Fund Discusses Key Projects

On Monday, Prime Minister Mohammed Shia' Al-Sudani chaired a Board meeting of the Iraq Development Fund to review progress on key strategic and investment projects overseen by the fund.

The meeting discussed the "Eduba" schools construction project, for which the first phase has been launched, and reviewed a Ministry of Finance report on payment mechanisms and financing guarantees. Al-Sudani directed the convening of a joint meeting between the relevant stakeholders to resolve outstanding financial and technical issues.

The Board also discussed the establishment of two companies -- Development Road Company and El Sewedy Electric [Egypt] -- with initial approval granted, provided that all remaining legal and administrative procedures are completed and the proposals are resubmitted for final board approval.

In addition, the meeting reviewed corporate governance standards for the fund's sectoral holding companies and special purpose vehicles, as well as the requirements of the consulting firm supporting the fund.