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Development Road project turns Iraq into open state
Amr Salem September 17, 2024 734 3 min
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A map showing the path of the Development Road in Iraq. Photo: The New Region
Baghdad (IraqiNews.com) – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, confirmed on Saturday that the strategic project of the Development Road will turn Iraq into an open state.
During a symposium held in Baghdad on the investment opportunities related to the project, Al-Sudani explained that Iraq depends solely on oil to pay its expenses, which have started to rise, noting that other industries must be considered in order to support the oil sectors, according to the Iraqi News Agency (INA).
The Iraqi government initiated discussions with the World Bank to start implementing the project, which will need five years to be completed, according to Al-Sudani.
Iraq’s $17 billion Development Road project will connect the Al-Faw Grand Port in southern Iraq to the border with Turkey by extending a railway and road network.
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.
Iraq, Turkey, the UAE, and Qatar signed last April a quadripartite agreement on Iraq’s Development Road project under the auspices of the Iraqi Prime Minister and the Turkish President, Recep Tayyip Erdogan.
The agreement aims to enhance cooperation regarding Iraq’s Development Road, as the four countries will develop the necessary frameworks to carry out the project.
Since the Development Road will accomplish economic integration and sustainability between East and West, it is anticipated that this strategic initiative will promote economic growth and foster regional and worldwide cooperative links.
The project aims to compete with Egypt’s Suez Canal by making Iraq a transit hub by reducing the time it takes to go from Asia to Europe.
A railway for the movement of goods is part of the project, as Al-Sudani previously mentioned.
The railway’s capacity will be 3.5 million tons in the first phase and 7.5 million tons in the second.
Together with the Al-Faw Grand Port and the industrial city, the project will also feature pipelines for the transportation of energy and a highway for land transportation.
[You must be registered and logged in to see this link.]
Amr Salem September 17, 2024 734 3 min
[You must be registered and logged in to see this link.]
A map showing the path of the Development Road in Iraq. Photo: The New Region
Baghdad (IraqiNews.com) – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, confirmed on Saturday that the strategic project of the Development Road will turn Iraq into an open state.
During a symposium held in Baghdad on the investment opportunities related to the project, Al-Sudani explained that Iraq depends solely on oil to pay its expenses, which have started to rise, noting that other industries must be considered in order to support the oil sectors, according to the Iraqi News Agency (INA).
The Iraqi government initiated discussions with the World Bank to start implementing the project, which will need five years to be completed, according to Al-Sudani.
Iraq’s $17 billion Development Road project will connect the Al-Faw Grand Port in southern Iraq to the border with Turkey by extending a railway and road network.
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.
Iraq, Turkey, the UAE, and Qatar signed last April a quadripartite agreement on Iraq’s Development Road project under the auspices of the Iraqi Prime Minister and the Turkish President, Recep Tayyip Erdogan.
The agreement aims to enhance cooperation regarding Iraq’s Development Road, as the four countries will develop the necessary frameworks to carry out the project.
Since the Development Road will accomplish economic integration and sustainability between East and West, it is anticipated that this strategic initiative will promote economic growth and foster regional and worldwide cooperative links.
The project aims to compete with Egypt’s Suez Canal by making Iraq a transit hub by reducing the time it takes to go from Asia to Europe.
A railway for the movement of goods is part of the project, as Al-Sudani previously mentioned.
The railway’s capacity will be 3.5 million tons in the first phase and 7.5 million tons in the second.
Together with the Al-Faw Grand Port and the industrial city, the project will also feature pipelines for the transportation of energy and a highway for land transportation.
[You must be registered and logged in to see this link.]
