The Turkish Minister of Transport and Infrastructure, Abdulkadir Uraloglu, revealed on Tuesday that Turkiye will invest $19.9 billion to build railways and roads connected to Iraq’s Development Road project.
In remarks made to the Anadolu Agency, Oraloglu said that the project’s current and planned railway investments will contribute to strengthening regional collaboration.
As part of the Development Road project, a 2,094-kilometer railway line will be built in Turkiye, according to Oraloglu.
The Turkish minister mentioned that Turkiye will invest $17.9 billion to construct 1,655 kilometers of railway lines that will connect to 439 kilometers of existing railway lines.
Oraloglu explained that out of the 1,924 kilometers of land roads included in the project inside Turkiye, the Turkish government will invest $2 billion in the construction of 331 kilometers of highways.
As it will connect the Al-Faw Grand Port in southern Iraq to the border with Turkiye by extending a railway and road network, Iraq’s $17 billion project is expected to make Iraq a transit hub by reducing the time it takes to go from Asia to Europe.
Iraq, Turkiye,the UAE, and Qatar signed last April a quadripartite agreement on Iraq’s Development Road project, aiming to enhance cooperation on Iraq’s strategic project. The four countries will develop the necessary frameworks to carry out the project.
The Iraqi Minister of Transport, Razzaq Al-Saadawi, revealed recently that Turkiye formed a council involving Bulgaria, Hungary, and Serbia to arrange the connection of Europe with Iraq’s Development Road.
Together with the Al-Faw Grand Port, the project will also feature pipelines for the transportation of energy.
In addition to prospects for businesses and industries, the Iraqi project will provide many opportunities for employment for Iraq and the countries of the region.
As a regional route for the transportation of goods and energy, the project will serve as a center for global trade.
Source: iraqinews