can-do najaf offers hope for iraq investment boom - solar powered street lights1

NAJAF, Iraq (Reuters)-
Its Highway, solar energy-
Power street lights and a large number of hotels, the Shiite holy city Najaf is a beacon for investment in Iraq, surpassing the slow start of other projects.
Almost every economic sector in the country needs money and attention to rebuild crumbling facilities that have been overlooked in decades of war and financial sanctions.
Foreign and local investors are keen to participate in the country's reconstruction, but they complain that bureaucracy, weak banking, poor legislation and a lack of land allocated to projects are a huge deterrent.
Of the 780 investment licenses valued at $32 billion (
19 billion)
According to Sami Al, merchants across the country have only started about 30% of projects since 2008
Director of the National Investment Council, Alaji.
But the southern city of Najaf, the provincial capital of the same name, has brought hope.
Its success in driving the project shows that with the right policies, obstacles can be overcome, which may be an early sign of the country's investment boom as a whole.
In fact, Najaf has become a model for other provinces;
Officials elsewhere in Iraq want it to provide guidance on how to allocate land for projects and how to solve the problem of inefficient banking systems.
More than 50% of the total investment in licensed 200 investment projects $8 billion was built in najev province, with most of the housing and tourism sectors that are developing the future, said Wafy al-Bahash.
The city of Najaf is one of the most respected shrines for Shi'ite Muslims, and is home to the Imam Ali shrine, where millions of pilgrims are received each year.
To accommodate the influx of tourists, the provincial investment council issued only 51 hotel permits.
Drive through the relatively clean city and you will find the planks hanging on the lamppost
Najaf: Capital of Islamic culture.
Many streets and construction sites are packed with workers, half of them compared to other provinces
The completed building was empty.
One of Najaf's main projects is $25 million, five-
A star-rated hotel built by the Iraqi company al-kavanak Palace.
The hotel has 10 floors and a revolving restaurant on the top, which is expected to be completed by the end of 2013.
Construction began in April 2011.
A typical example of the Najaf project is a $7 million contribution from three local investors to build 134 houses on the outskirts of the city.
Construction began in April 2011 and is expected to be completed within one year.
More than three.
Two months ago, a family moved into the first house.
In contrast, the infighting between officials in the neighboring province of Babir has delayed the development of at least one building for two years.
"Investors have been waiting for two years for the decision of the two bureaus of the same ministry.
One is two-
And the other wants one-
Allah Ibrahim Haba, chairman of the investment committee of Babylon, said.
In western Anbar province, investors have been waiting for approval since last year to build a $0. 8 billion fertilizer plant.
Amir Awad, head of the Anbar investment committee, told Reuters: "It was delayed because it was sent from the government to the central government and it took a long time to get approval . ".
"We have preliminary approval but no final approval.
"Iraq's economy is still in a state --
The weakness of credit culture hinders development.
Investors say that due to the lack of law and security, it is also very difficult to work in a country that was once a granary in the Middle East.
At a recent parliamentary investment conference attended by all the heads of the Araji and Iraqi provincial investment committees, officials publicly acknowledged that they needed to step up efforts to improve the business environment.
A key issue is the backlog of projects waiting for central government approval.
Provincial officials say they should be given more power to work with investors.
According to the documents, 70 permits have been issued in Baghdad, seven of which are in progress.
Of every 10 licensed investment projects in Maysan, Wasit and Diyala in each province, only 3 or less have started working.
"We should try to minimize the routine and bureaucracy of issuing investment licenses," Awade said at the meeting . ".
"Because of these and many other problems, we are losing great opportunities in other countries.
Tensions within Iraq's fragile coalition government of Shiites, Sunnis and Kurds have intensified, hindering work and delaying the approval of many laws, such as for a long time
The expected hydrocarbon method, which is critical to the oil sector. Policy-
Manufacturing is also paying for decades of economic isolation.
Many officials are not used to moving forward at the pace required by foreign investors, and even if the new legislation is passed, it may take months within the government to understand and implement it.
Bahash said that the key to Najaf's success was the close cooperation between the provincial investment committee and local governments, and officials took the initiative to solve the problem rather than waiting for state directives.
"The governor and members of the provincial assembly are working with us;
They support our investment steps, which have not happened in other provinces . "
Najaf deputy governor Razak Sharif said that the province has witnessed so many projects taking off because it has a strict policy that any investor who has obtained a permit must pay 10% of the cost of the project in advance, in order to ensure that its requirements are met.
Shareef said the rule proved successful among local and foreign investors and is now being rolled out in other provinces as ordered by the central government.
Iraq targets under five
Annual economic development plans to attract $85 billion in investment by 2014.
The promise to attract the money may seem relatively easy;
Specific projects that translate them into the field may need to educate more government officials using Najaf's approach.
"Central Help (government)
Awdh, head of the Anbar investment committee, said: "There is limited in this area . ".
"Some officials don't even know the culture of investment.
Even at the ministerial level.