Iraq Launches $17 Billion Regional Transportation Plan To Boost Trade
Iraq’s Prime Minister Mohammed Shia al-Sudani announced on Saturday a $17 billion regional transportation project aimed at bolstering the flow of goods from Asia to Europe. Revealed at a conference in Baghdad with representatives from Iraq, Turkey, Iran, Syria, Jordan, and the Gulf nations, the Development Road project is intended to connect the Grand Faw Port in Basra to Turkey, and further to Europe, via a vast network of highways and railways.
Al-Sudani said the endeavor, which includes developing the Grand Faw Port and a neighboring “smart industrial city,” would serve as an economic lifeline. The ambitious project would establish about 1,200 km (750 miles) of transit infrastructure and would be “an economic lifeline and a promising opportunity for the convergence of interests, history, and cultures,” the prime minister said.
Al-Sudani did not detail how the project would be funded but indicated that Iraq would rely on collaboration with neighboring countries. Participating nations agreed to set up joint technical committees to further the project. This move comes as Iraq strives to strengthen its relationships with the Gulf nations after years of tensions fueled by the growing influence of Iran-backed militias in Iraq following the fall of Saddam Hussein’s regime.
