Investment Authority demanded the extradition of a full residential units

Confirmed National Investment Authority, on Monday, they demanded that investors need to complete delivery of housing units contracted with their services, and that the contract between them and the citizen under the supervision of the Investment Authority in the governorate concerned, and as parliamentarians pointed out that the amended investment law to ensure sanctions on Almtlkian and offenders as the security of their many advantages and criticized expert that amendment being allowed investors to borrow money from inside Iraq, rather than brought in from abroad.

The head of the National Investment Commission, Sami al-Araji, said in an interview to the (long-Presse), "The Investment Authority has not received only one complaint, whether citizens or of investment authorities in governorates, on manipulation of investors of residential units built there, or delivery dates or premiums," He pointed out that the "situation regarding the problem of the internal structures of the completion of infrastructure to one set up in Najaf residential projects, the fact that the investor received an advance of premiums without implementation".

He said al-Araji, that "the investor does not meet the infrastructure cost after the completion of the project, which the latest problematic at the time, addressed the effect of Najaf Government province, the Authority and the agreement to be help citizens take over their apartments without additional cost," noting that it " It means the province with the help of the citizens, from the development of regions and the amount of resources possible, after the approval of the Ministry of Finance and the government. "

The head of the National Investment Commission, that "the Commission subsequently circulated to investors in the provinces, the need to deliver housing units contracted complete with its services, and stressed the need that the contract between the investor and the citizen, under the supervision of investment to maintain body, to ensure the follow-up project, and solving problems that may arise between the parties, whether amicably or through legal action. "
To that, the member of the parliamentary commission services, not to inform the Commission on how to conclude contracts between investors and citizens, expressing their willingness follow up any complaints received from citizens.

The Committee banks by Shaukat, in an interview to the (long-Presse), "The Commission has continued to service projects lagging in the provinces, including residential, as every one of its members to call the owners of these projects according to their provinces," adding that "the Commission has not seen how the conclusion contracts between investors and citizens, but they are ready to follow up any case it receives. "

In turn, a member of the Parliamentary Commission of Economy and Investment confirmed that the amended investment law gives the investor many advantages, but it imposes sanctions in return when the reluctance or wrongdoing may withdraw up to leave the project.

Said Najiba Najib, in an interview to the (long-Presse) "The amendment of the Investment Law passed by parliament recently includes many facilities for the residential sector, the most important of raising taxes for investors," indicating that "the law includes from the other side sanctions on investor who lagging currency or commit irregularities , the most important of revocation of it and give it to others. "

Najib pointed out, that "the investor housing units, three months to be completed after the contract with the citizen, and if otherwise or loiter in the completion of the project entails the withdrawal of leave after the death officially notified, and may be prosecuted for the period of delay."

Meanwhile, the economic expert considered that Iraq is suffering from the weakness of investment awareness, criticizing the amendment of the Investment Act, which allowed investors to borrow money from inside Iraq, rather than brought in from abroad.

He said the name of Antoine, in an interview to the (long-Presse), said that "Iraq is suffering from the problem of the lack of investment awareness", he returned to that "the problem is not addressed in order to create an attractive legal environment for the investor."

Antoine saw, that the "amendment of the Investment Law was negative, being granted the right of the investor to borrow money from the inside, instead of that it comes with a money that allows him to implement the projects, and that has the technologies and capabilities that will help in that."

The House of Representatives, passed in (27 October 2015) unanimously Second Amendment to the Iraqi Investment Law No. 13 of 2006.

The vote came on the second amendment to the investment law after claims of economic and political actors need to amend the law to allow for the expansion of investments in Iraq, especially in light of the financial crisis currently experienced by the country, but there is of the view that the amendment is intended to give "legitimacy" to "violations" numerous accompanied hold Basmajh residential project.