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    Local Investors and Civil Affairs Help to Boost Economy in Iraq

    Local Investors and Civil Affairs Help to Boost Economy in Iraq

    Photo By Capt. Amy Bishop | Capt. Daniel Cederman, 402nd Civil Affairs Detachment, 101st Airborne Division, has a...... read more read more

    by Sgt. Waine D. Haley
    133rd MPAD

    TIKRIT, Iraq (July 18, 2006) -- Iraqi private investors are seeing a future in their own country's economic growth and are jumping in to help the economy in multiple ways.

    The Iraqis are financing a unique business in the Salah Ah Din province, a water and soft drink bottling company. This new company is getting most of its financing from the Al Jaborah Company with the additional financing coming from local business men.

    "Al Jaborah Company had an idea for a water bottling plant ... and invested about 51 percent of the funds," said Capt. Daniel Cederman, 402nd Civil Affairs Detachment. "The additional 49 percent came from private Iraqi investors."

    The building is complete, but the bottling equipment is sitting in the building ready to be installed but work has come to a halt. The U.S. Civil Affairs started assisting with the project when it was about 80 percent complete after it was discovered that the project was going to fall short on funding.

    The additional money will come from a fund that exists in New York. The fund is comprised of monies that were confiscated from Saddam Hussein's old regime and have been held in anticipation of the new government being put in place.

    With the completion of the project, the new plant will become a profit-sharing company for the original local investors. The investors will get a percentage of the projected $2 to $3 million yearly profits that will be divided equally based on the amount each party invested.

    Most, if not all, of the country's bottled water is imported and sold for about 500 Iraqi Dinar a bottle. The bottling plant will be able to cut this price in half and sell the products all over Iraq, from local markets to hospitals and medical facilities. This venture will help bring down inflated costs and employ many Iraqis in the process.

    "This type of project will help strengthen the economic and social projects of our citizens, male and female alike," said Kadhin Nori Abid, Ph.D., expert in vocational education, "These jobs will help the families rise to a new level. They will be able to afford things that were not possible to afford before."

    The new Iraqi government and its citizens are taking aggressive measures to help its infrastructure, thus helping its people. The populace will be seeing many more projects like this all over Iraq in the near future as the new government continues to take control of the economic situation in Iraq.

    NEWS INFO

    Date Taken: 07.19.2006
    Date Posted: 07.19.2006 12:54
    Story ID: 7249
    Location: TIKRIT, IQ

    Web Views: 244
    Downloads: 69

    PUBLIC DOMAIN