The newly built 'A Town' housing development in Bismayah New City, Iraq, is being constructed by Hanwha Engineering & Construction. The Iraqi government has shown its willingness to continue cooperating with Korea on the construction of new housing developments and has recently agreed to continue paying for the cost of the new buildings.
The Iraqi government has shown its commitment to continue cooperating with Korea on the construction of new housing developments.
Hanwha Engineering & Construction (Hanwha E&C) said on Jan. 2 that it recently received a payment of USD 580 million for the ongoing construction of new housing developments it has been carrying out in Bismayah, near the Iraqi capital of Baghdad.
The Iraqi government made the payment after taking over the completed apartment complexes in Bismayah New City and after receiving loans from Iraqi state-funded banks, with the apartment buildings themselves acting as security. Thanks to the transfer, Hanwha E&C has now been able to cover its unpaid accounts incurred by the Bismayah New City Project.
Bismayah New City is a large-scale urban development project that includes some 100,000 households and related social infrastructure facilities. Bismayah is about 10 kilometers southeast of Baghdad. Hanwha has so far received around USD 10.1 billion for the project, and it's now about 30 percent complete.
The project involves not only 100,000 apartment households, but also includes about 300 schools, hospitals and other public facilities. Currently, approximately 8,000 households have been built, and about 5,000 of them are already occupied. When the project is complete, a new super-sized modern city will have been built, with 534 apartment complexes, making up 59 blocks and eight towns.
Residents in the newly built 'A Town' at Bismayah New City enjoy their new homes. Hanwha E&C is building the Bismayah New City Project. Currently, about 5,000 households are already occupied.
According to Hanwha, the new residents have shown a high level of satisfaction, as the new city has been built with many conveniences. Schools and medical centers are next to residential areas. Other public facilities will also soon be built. These include water supply and drainage facilities, a purification plant, electricity and gas supplies, fire stations, police stations and cultural centers for youth, all of which will boost the daily convenience of the new residents.
Hanwha E&C CEO Choi Kwang-ho emphasized that satisfaction during a meeting with Iraqi Prime Minister Haider Al-Abadi on Jan. 1. In the meeting, Choi explained to the Iraqi prime minister the strong satisfaction found among residents at Bismayah New City, and outlined Hanwha’s future construction plans by showing him a video.
Prime Minister Haider Al-Abadi expressed his trust in Hanwha to successfully engineer and construct the new housing development. The Iraqi prime minister also vowed to provide the active support and cooperation of the Iraqi government.
By Yoon Sojung
Korea.net Staff Writer
Photos: Hanwha E&C
arete@korea.kr
