Webdesk: Iraq announced a pioneering $17 billion attempt to revive its economy after years of conflict and disaster.
The project will build a road and rail network from a major commodities port on Iraq’s southern coast to the Turkish border. The Development Road aims to make Iraq a transit hub like the Suez Canal. It will by decreasing travel time between Asia and Europe.
Moreover, Farhan al-Fartousi, General Company for Ports of Iraq Director General, stressed the Development Road’s transformative potential. He said the project unlocks development in large parts of Iraq, not just products and passengers.
While, The initiative might include oil and gas pipelines and integrated connectivity to local industry clusters. As well as high-speed trains that can transport products and passengers at up to 300 kilometres (186.41 miles) per hour.
Moreover, This project overhauls Iraq’s obsolete transportation system. The country’s train service currently runs only one overnight passenger train from Baghdad to Basra, a 500-kilometer route that takes 10 to 12 hours.
Fartousi said the Grand Faw Port, under construction for nearly a decade, 50% done. The Development Road might revive Iraq-Europe passenger transport connections in addition to its strategic economic importance.
Fartousi intends to reopen these routes to additional nations. Tourists and Haj pilgrims will transported to Shiite holy sites in Iraq and Mecca in Saudi Arabia.
A summit to solicit Arab investment from Arab Gulf states, Syria, and Jordan unveiled the initiative. Officials highlighted the government’s commitment to expanding infrastructure and rebuilding roads and bridges, stressing the relative stability since late last year. The Development Road should finished by 2029 if development begins early next year.
Fartousi was optimistic despite Iraq’s difficulties. He said Iraq will return to the world stage. He expects the Development Road would start Iraq’s economic comeback.
