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BAGHDAD / Aswat al-Iraq: Iraqi government-owned banks and the investment commission on Thursday signed a memorandum of understanding (MoU) on mechanisms to collect the necessary funds to build residential compounds and offer enough guarantees for investors, according to the finance ministry.

“Minister of Finance Baqer al-Zubaydi chaired a four-hour meeting that dealt with the role played by government-owned banks in sustaining the Iraqi and foreign investment firms and offer enough guarantees for them to protect their money,” read a ministry release received by Aswat al-Iraq news agency.

It also laid controls to collect funds from citizens to build housing compounds, envisaging the payment of 25% of the price of housing unit that is $50,000 in cash and installments over 10-15 years.

The meeting comprised the Iraqi National Investment Commission (INIC) Director Sami al-Aaraji, the ministry’s advisor for banking affairs Dia’a al-Khayoon, al-Rasheed Bank director-general Kadhem Nashour and Iraqi Commercial Bank assistant director-general for commcerce Abdulhadi Sadiq.

Aaraji had earlier announced a project to build one million housing units all over the provinces of Iraq, adding 35 companies of different nationalities were selected to implement it.