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Sat 28 Feb 2009 04:00 AM

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Iranian firm bags deal to build new Iraqi town

An Iranian construction firm has been awarded a US $1.5 billion contract to build a new town in the southern province of Basra.

An Iranian construction firm has been awarded a US $1.5 billion contract to build a new town in the southern province of Basra.

The town will have schools and markets, as well as 5000 homes, the head of Basra Investment Commission, Hayder Ali, told Bagdad's Azzaman daily newspaper.

The contract is the largest given to an Iranian firm since the US-led invasion in 2003. It comes a few days after the Iranian Foreign Minister Manouchehr Mottaki visited Baghdad to agree a deal to boost bilateral trade.

Several Iranian construction firms are working on projects across Iraq and currently dominate the country's building projects. The company that will undertake the development of the new town was not named.

Ali said that the town will have all the facilities of a modern city, including a supermarket and 2000 commercial shops.

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