Iraq unveils plans for $17B Asia-Europe transpo project
Iraq's prime minister has announced plans for a $17 billion regional transportation project intended to facilitate the flow of goods from Asia to Europe.
The announcement was made at a one-day conference in Baghdad on Saturday that convened transport ministers and representatives from Türkiye, Iraq, Iran, Syria, Jordan and the Gulf countries.
Iraqi Prime Minister Mohammed Shia al Sudani said the planned Development Road project would facilitate the movement of goods from the Gulf to Europe by way of the Grand Faw Port in Basra, in southern Iraq, which would be connected to Türkiye, then to Europe, through a network of railways and highways.
A centrepiece of the project will be the development of the Grand Faw Port and a "smart industrial city" adjacent to it, al Sudani said.
The planned project, which would involve the construction of about 1,200 km of railways and highways, will be "an economic lifeline and a promising opportunity for the convergence of interests, history, and cultures," said al Sudani, adding it will "make our countries a source for modern industries and goods."
He did not say how the project would be financed but noted that Iraq would "rely heavily on cooperation... with brotherly and friendly nations."
The project also includes the construction of around 15 train stations along the route, including in the major cities of Basra, Baghdad and Mosul, and up to the Turkish border.
Transport is a key sector in the global economy, and Iraq's announcement is the latest in other planned international mega-projects, including China's "Belt and Road Initiative" announced in 2013 by its President Xi Jinping.
The planned works in that project would see 130 countries across Asia, Europe and Africa connected through land and sea infrastructure providing greater access to China.