The first batch of (Hanan) entitlements has been released to resume work in Bismayah.

The National Investment Authority announced today, Sunday, the completion of procedures to release the first batch of overdue financial dues for the South Korean company "Hanwha," which is implementing the Bismayah residential city project, amounting to $111 million, in preparation for the resumption of work on the project. The authority stated in a statement received by the "Video News Agency" that the release of the batch came after fulfilling its contractual commitments and providing the Rafidain Bank with a total of 8,280 required financial bonds, indicating that final approval was obtained for the disbursement of the amount according to the terms of the contract and its annex, as well as relevant cabinet decisions. It added that settling the financial dues would enable the (Hanwha) company to return to work at its full operational and engineering capacities and to resume activities related to the various sectors and services of the city, contributing to the acceleration of the completion of residential units and their delivery to citizens. The authority appreciated the role of the Prime Minister in addressing obstacles and directing the relevant bodies to resolve the issue of dues, in addition to the efforts of the parliamentary Investment and Development Committee and the management of Rafidain Bank and its staff in completing the procedures.