AK Bews reported that Basra Investment Board has in principle agreed to build an iron and steel factory, worth of USD 150 million.

It is a joint proposal by Erbil Steel Company and a Turkish company. Technical teams from the Provincial government are on site now to expedite the process.

Mr Khalaf Badran, head of Basra Investment Board, told AKnews the Board has expressed its full support for the project and will do its best to overcome all the obstacles as it aspires for the development of industry in Basra.

Mr Badran added that Basra Investment Board hopes the new factory will create jobs, going some way to tackling the high unemployment in the Province.

Mr Sirwan Kakil, chief executive of Erbil Steel told AKnews the project in Basra will be called Basra Steel and will initially produce 250,000 tonnes annually.

He added "Through this project we will offer Basra our wide expertise, we will avoid the issues we encountered in our previous projects in Turkey and the Kurdistan Region and endeavor for Basra to be exemplary.”

(Sourced from AK News)