On Tuesday, September 17, 2019, the Council of Ministers approved the draft law that would create a Reconstruction Board. It will now be jointly submitted to the House of Representatives by the Presidency of the Republic and the Council of Ministers.
The draft law provides a framework for quickly launching major infrastructure projects across the country, including roads, bridges, airports, and seaports.
The draft law also aims at alleviating general unemployment by promoting investment, employing a wide array of capable individuals in a variety of different sectors.
The draft law endows the Reconstruction Board with wide powers to effectively and efficiently launch such major projects. Their proposed powers include contracting, controlling, supervising, implementing and managing major projects directly; to create jobs; and to maximize the benefit of Iraqi citizens from State resources through the distribution of project profits. It will also allow local actors the ability to underwrite Board projects as well as the implementation of development projects of economic importance.
The draft law states that the Reconstruction Board is comprised of the Prime Minister as its Chairman, the Executive Director as Deputy Chairman and Chairman of the Executive Body.
The Ministers of Finance, Oil, Planning, and Secretary General of the Council of Ministers will serve as members of the Board, who will be joined by five members from the private sector as well as additional specialists in reconstruction affairs and management of major projects. Experts on the management of business and investment will also be on the Board.
The draft law defines the tasks of the Board, which include negotiating contracts in accordance with the principles of competition, transparency, and justice so as to achieve the highest financial profit or development value with Iraqi or foreign entities that best achieve these objectives.
These objectives include contracting with international organizations and companies with substantial international expertise to provide studies, designs, standard forms of contracts, documents, services, materials, consulting, and other matters related to the Board's work. This also includes developing regulations, policies, plans, specifications, programs and decisions that State ministries and their departments can utilize. The private sector is engaged to implement as well
The powers, functions, license granting, and activities of the Board will be in line with Investment Law Number 13 of 2006.
The bill also stipulates that the Board is tasked with receiving bids, analyzing tenders, and selecting the best proposals and tenders for the execution of projects according to the provisions of this law and the regulations and instructions pursuant thereto in coordination with ministries or entities not affiliated with a ministry, and Regions and Governorates not organized into a Region.