Transforming Iraq: The Development Road Project
The Iraqi Prime Minister, Mohammed Shia Al-Sudani, unveiled a groundbreaking project that will revolutionize Iraq’s economic landscape. The Development Road project aims to diversify Iraq’s revenue sources beyond oil, turning the country into an open state with enhanced connectivity to the global economy.
With discussions initiated with the World Bank, the $17 billion project will span five years, connecting the Al-Faw Grand Port to Turkey through a comprehensive railway and road network. This ambitious initiative has garnered interest from various Arab, regional, and European countries willing to invest and participate in the project’s construction.
Enhancing economic integration between East and West, the Development Road project is set to rival Egypt’s Suez Canal by establishing Iraq as a transit hub, reducing transit times between Asia and Europe. Infrastructure enhancements such as a railway with increased capacity and pipelines for energy transportation will bolster Iraq’s position as a key player in regional and global trade.
As Iraq embarks on this transformative journey, the Development Road project signals a new chapter in the country’s economic development, fostering cooperative relationships and driving sustainable growth.