At a Glance

• The Kurdistan Contractors Union announced that 206 public development projects remain frozen due to the financial crisis.
• The total budget for these stalled projects is $650 million, with $300 million worth of work completed.
• Several companies have already gone bankrupt, and 100 firms are demanding their outstanding financial dues. 

Contractors and implementers of petrodollar-funded projects in the Kurdistan Region are demanding the immediate release of their outstanding payments, as the Kurdistan Contractors Union reveals that work remains stalled across 206 frozen projects.

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Key Statement and Focus Area

• The Kurdistan Contractors Union states in an official announcement that projects launched since 2014 to develop various regions using petrodollar funds have been halted due to the financial crisis.
• Last year, the caretaker government decided to transfer these projects from the petrodollar budget to ministerial expenditures and allocate financial funding for them this year; however, no budget has been allocated for these projects so far.

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According to an official statement by the Kurdistan Contractors Union, $300 million worth of work has been completed across 206 local development projects currently valued at a total budget of $650 million.

Only $225 million has been paid out, leaving $75 million held by the government.

The union noted that several companies have already gone bankrupt due to the prolonged funding freeze.

The organization further affirmed that 100 companies are demanding that their financial dues be paid.

FYI

The Kurdistan Contractors Union is a professional, non-governmental syndicate and trade organization that represents local construction, engineering, and infrastructure development companies operating within the Kurdistan Region of Iraq (KRG).

Petrodollar projects are those that directly impact the improvement of public services. Due to being halted for the past 12 years, some have suffered damage and have now turned into ruins.

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