World Bank confirms Iraq needs $21 billion investment in transport sector
The World Bank headquarters in Washington, DC. Photo: AFP via Getty Images
Baghdad (IraqiNews.com) – The representative of the World Bank, during his speech at the Development Road Conference held in Baghdad, confirmed that Iraq needs investments worth $21 billion in the transport sector, the Iraqi News Agency (INA) reported.
The World Bank official considered that the Development Road project will increase the interdependence between Iraq and the countries of the region, expecting that the project will significantly contribute to the reduction of emissions.
The official confirmed that the World Bank is committed to providing support to Iraq to help it modernize its infrastructure and provide job opportunities.
The Development Road project is the name given by the Iraqi government to what was known as the dry canal that connects the Al-Faw Grand Port in the southern Iraqi governorate of Basra with Turkey through railway networks and roads.
The project allows Iraq to benefit from its geographical location and turn it into a transit point for goods and trade between the Gulf States and Europe.
The Iraqi government estimated the cost of the project at about $17 billion with a length of about 1,200 kilometers inside Iraq.
The government mentioned that the main strategic line will be the railway at a length of 1,175 kilometers, in addition to a 1,190-kilometer road.
The railway and the road have two different paths in the south, but they meet north of Karbala governorate until they reach Faysh Khabur town in Duhok governorate in northern Iraq.
Work is currently underway to rehabilitate the port of Al-Faw in southern Iraq near the Gulf States, which will be a main station for receiving goods before being transported by land.