SBI Term Loan: RLLR: 8.15 | 7.25% - 8.45%
Canara Bank: RLLR: 8 | 7.15% - 10%
ICICI Bank: RLLR: -- | 8.5% - 9.65%
Punjab & Sind Bank: RLLR: 7.3 | 7.3% - 10.7%
Bank of Baroda: RLLR: 7.9 | 7.2% - 8.95%
Federal Bank: RLLR: -- | 8.75% - 10%
IndusInd Bank: RLLR: -- | 7.5% - 9.75%
Bank of Maharashtra: RLLR: 8.05 | 7.1% - 9.15%
Yes Bank: RLLR: -- | 7.4% - 10.54%
Karur Vysya Bank: RLLR: 8.8 | 8.5% - 10.65%

Iraq scraps USD 764 million Baghdad airport expansion project amid corruption concerns

#International News#Infrastructure#Iraq
Synopsis

Iraq has cancelled a USD 764 million project to upgrade and expand Baghdad International Airport after concerns were raised over possible irregularities in the tendering process and contract terms. The project had been awarded last year to a consortium comprising Luxembourg-based Corporacion America Airports and Iraqi real estate company Amwaj International. The decision comes amid the Iraqi government's wider anti-corruption efforts, which have led to increased scrutiny of major public contracts and infrastructure projects. The airport redevelopment was expected to play a significant role in improving Iraq’s aviation infrastructure and boosting passenger-handling capacity.

The Iraqi government has cancelled a USD 764 million project aimed at upgrading and expanding Baghdad International Airport after concerns emerged over potential corruption linked to the contract award process. 
According to Iraqi state media, Prime Minister Ali al-Zaidi approved the cancellation following suspicions surrounding the project. The decision was reported by state media citing a government source. 
The airport redevelopment contract had been awarded last year to a consortium consisting of Corporacion America Airports and Iraqi real estate firm Amwaj International. The project was intended to modernise and expand facilities at Baghdad International Airport, Iraq’s primary international gateway. 
Government officials familiar with the matter indicated that concerns had been raised regarding possible irregularities in the tendering process as well as certain contractual provisions. Sources cited by Reuters said authorities had begun examining the circumstances under which the contract was awarded, prompting the government to halt the project. 
The cancellation comes as Iraq continues to strengthen oversight of public spending and infrastructure contracts. In recent years, corruption has remained a major challenge for the country, with successive governments pledging greater transparency and accountability in the awarding of public projects. 
The airport expansion had been positioned as one of Iraq’s important infrastructure initiatives. The redevelopment plan aimed to improve passenger facilities, increase operational capacity and support the long-term growth of the country's aviation sector. Baghdad International Airport has faced years of underinvestment, with several modernization plans announced over the past decade as Iraq sought to rebuild critical infrastructure and attract investment. 
The project was expected to contribute to broader efforts to improve connectivity, accommodate growing air traffic and enhance the airport’s role as a regional transportation hub. However, the latest decision reflects the government's intention to subject large-scale public projects to closer review when concerns regarding procurement and governance arise. 
Source Reuters

Discussion

Have something to say? Post your comment