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Tue December 13, 2011
Michigan companies closer to part in Iraq projects
LANSING, Mich. (AP) - A consortium of Michigan companies says it's eager to oversee the building of a new city near Baghdad that draws on the skills of Iraqi immigrants living in Michigan.
Officials from the National Investment Commission of Iraq were announcing Tuesday that they've signed a memorandum of understanding with the consortium, MICH Development, to plan and
build a new city of 500,000 on the outskirts of Baghdad.
The agreement gives the consortium what it needs to take the next step - raising billions of dollars from banks and private investors to get the project under way by late 2012.
Although much of the building is expected to be done by Iraqi workers, Michigan companies could win as much as $1.5 billion in contracts.