Shafaq News/On Wednesday, Iraq's Transport Minister Razzaq Muhibis Al-Saadawi arrived inIstanbul to attend a four-party ministerial meeting on the Iraqi DevelopmentRoad Project, a multi-billion-dollar initiative designed to connect “the Iraqiport of Basra on the Persian Gulf to Turkiye and beyond.”
Al-Monitornews website's report said on Saturday themeeting will take place on Aug. 29 at the Dolmabahce Palace in Istanbul, whichonce served as the residence of the Ottoman Empire's last sultans. Ministersfrom Turkiye, Iraq, Qatar, and the UAE are expected to discuss the next stepsfor the project.
TurkishTransport and Infrastructure Minister Abdulkadir Uraloglu, who will host thetalks, affirmed the meeting would involve "significant decisions"regarding the project, with Qatar and the UAE considered potential investors inthe initiative, according to the report.
The project,formally launched during Turkish President Tayyip Erdogan's visit to Baghdad inApril, is estimated to be worth around $20 billion. It includes “a 1,275-kilometer(792-mile) rail and road network,” designed to facilitate the movement of goodsbetween Europe and the Gulf region.
“Iraq ishome to roughly 10% of global oil reserves and accounts for 5% of globalproduction. Energy will hence play a pivotal role in the scheme.” Iraqiofficials believe the project could dramatically reduce the cost of tradebetween China and Europe.
Theproject’s investment budget is estimated at $17 billion, with $6.5 billionallocated for highways and $10.5 billion for the electrified railway. It willbe implemented in three phases, with completion dates set for 2028, 2033, and2050.
TheDevelopment Road Project is expected to create 100,000 jobs in its first phaseand up to one million jobs once completed.