ERBIL — The ninth cabinet of the Kurdistan Regional Government (KRG), under the leadership of Prime Minister Masrour Barzani, has overseen approximately $17 billion in investment projects since its formation, an official stated on Tuesday.

"From the start of the ninth cabinet on July 28, 2019, until October 3, 2024, investment licenses have been granted to 419 projects, and more than 1,612 investment projects have been approved,” Mohammad Shukri, Chairman of the Kurdistan Region Investment Board, told BasNews.

He emphasized that this period has seen an unprecedented level of investment in the Kurdistan Region.

The ninth cabinet has encouraged investment across various sectors, focusing on diversifying the economy. Shukri highlighted the breakdown of projects as follows: 116 in industry, 56 in tourism, 17 in agriculture, 40 in education, 27 in health, nine in sports, two in the arts, 43 in residential development, 104 in commerce, three in services, and two in banking.

He credited the timely completion of these projects to Prime Minister Barzani's supervision and commitment to building the Region's economic infrastructure, particularly in roads, services, agriculture, industry, and tourism.

Soon after taking office in 2019, Prime Minister Barzani began implementing his cabinet’s reform program, which focused on developing all sectors, especially diversifying the economy to make the Region less dependent on oil revenues alone.

During a recent interview aired by Al-Arabiya and Al-Hadath channels, the Kurdish leader reminded viewers, “From the moment I assumed office of the Kurdistan Regional Government’s (KRG) Ninth Cabinet, I focused on diversifying revenue streams. We are no longer solely reliant on energy; oil and gas are not the only sources of income for the Kurdistan Region.”