Baghdad reviews World Bank’s support for the Development Road
The World Bank headquarters in Washington, DC. Photo: AFP via Getty Images
Baghdad (IraqiNews.com) – The Iraqi Minister of Planning, Mohammed Tamim, and a delegation from the World Bank discussed on Sunday their support for the Development Road project.
The Planning Ministry explained in a statement that the World Bank delegation was headed by the World Bank Country Director for the Middle East Department, Jean-Christophe Carret, and included the Regional Director of the World Bank’s Infrastructure Department in the Middle East and North Africa, Paul Noumba Um, and other officials, according to the government newspaper Al-Sabah.
The meeting addressed the support provided by the World Bank for the Development Road project, the modernization of the current railway network, the railway line to Turkey, and the rail link to the Al-Faw Grand Port in southern Iraq.
The two sides highlighted the developmental and economic importance of Iraq’s strategic project, as it will provide investment and job opportunities, as well as regional development.
The two sides also discussed the World Bank’s ongoing assistance to Iraq’s energy sector, specifically with regard to fortifying the country’s national grid, fostering the development of renewable energy, and establishing electrical interconnection with countries in the region.
The strategic project of the Development Road is expected to stimulate economic growth and promote regional and international cooperation relations as it will achieve economic integration and sustainability between East and West.
The Development Road is the name given by the Iraqi government to what was known as the dry canal that connects the Al-Faw Grand Port in southern Iraq with the Turkish territories through railway networks and roads.
Many Arab, regional, and European countries have expressed their willingness to participate in Iraq’s Development Road project, either by pumping in investments or taking part in the construction works, as it constitutes an important link between Asia and Europe.
The $17 billion project is expected to turn the country into a transit center by shortening the travel time between Asia and Europe in an attempt to compete with Egypt’s Suez Canal.