Economy News – Baghdad
The Iraqi Ministry of Construction and Housing has announced plans to establish a land bank by 2025, contingent upon the approval of the Prime Minister.
Ministry spokesperson Istbrk Sabah stated in a recent interview that the land bank initiative has been included in the 2025 budget. This project is expected to serve as a central resource for acquiring land for various developmental projects and future investments.
Sabah elaborated that the Ministry has secured the assent of the Cyber Security Committee designated by the Prime Minister to commence the establishment of this land bank. The Supreme Land Committee has formulated a preliminary plan for implementation, which will be submitted to Minister of Construction Benkin Rikani for further action. He emphasized that the bank will be a key resource for acquiring land necessary for infrastructure and investment initiatives.
Additionally, it will operate in conjunction with the Ministry of Water Resources, leveraging mapping data from the Public Authority for Survey.
According to Sabah, the center will incorporate a comprehensive database for managing land, facilitated by enhanced coordination with all relevant authorities. It will employ a unified smart system to streamline land management and optimize usage and returns.
He further noted that the primary objective of establishing this center is to address the considerable challenges faced by various governmental and investment bodies in accessing land-related information, which is often dispersed across multiple entities. Currently, there is no single, reliable source for this data. The center aims to meet all operational needs and simplify decision-making processes concerning land management, thereby reducing the time and effort required by stakeholders in land acquisition and utilization.
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