The Banking Executive Magazine - May 2024 Issue

Iraq’s Mega Development Road IRAQ’S MEGA DEVELOPMENT ROAD PROJECT TO BE FINISHED IN 2050 Iraq’s Development Road mega project linking its Faw Port with Turkey and Europe by 1,200-km railway and parallel motorway will be partially commissioned in late 2028 with remaining phases to be completed by 2050, an official has said. Younus Al-Kaabi, Director of the General Company for Rail in Iraq, an offshoot of the Transport Min- istry, was quoted by Aliqtisad News as saying that the rail and the road portions would cost nearly $10.5 billion and $6.5 billion re- spectively. “The project has 3 phases…phase 1 will be completed at the end of 2028 while phases 2 and 3 will be finished in 2033 and 2050,” he said, adding that it will pass through the Kurdistan province in the North. ISSUE 185 MAY 2024 the BANKING EXECUTIVE 23