SOUTH KOREA GETS A WIN WIN IN RE-CONSTRUCTION PROJECT WORTH $8 BILLION FOR APARTMENT BUILDINGS AND RECENTLY HANWHA ENGINEERING WINS $200 MILLION TO BUILD THE INFRASTRUCTURE ROADS IN IRAQ AS THE IRAQ GOVERNMENT SHELLS OUT CONSTRUCTION WORK IN THE BILLIONS TO REVIVE THE CRUMBLING STATE WHILST FIGHTING THE IS WITH THE US MILITARY

Hanwha Engineering and Construction (E&C) said Sunday that it has received 10 percent of $2.12 billion contract money from the Iraqi government to start infrastructure construction needed for a new city in the Middle Eastern country.

The remittance came five months after the builder signed a deal regarding the infrastructure ― including schools, hospitals, police stations and firehouses ― in Bismayah in southeast Baghdad. The rest will be paid in installments depending on construction progress, said Hanwha officials.

The firm's financial transactions with Iraq are assisted by the Export-Import Bank of Korea and the Korea Trade Insurance Corporation, they said.

Hanwha E&C is building apartments in Bismayah under a separate $8 billion deal it clinched in 2012 with the Iraqi government, with 25 percent of the money paid to the Seoul-based builder.
"The latest remittance reaffirmed Iraq's strong commitment to the project," Hanwha said in a press release. "We will step up efforts to proceed with the project successfully."

The Bismayah construction project is expected to be completed in 2019, according the company.

http://www.koreatimes.co.kr/www/news/biz/2015/09/123_186733.html