Saturday, June 22, 2024

Baghdad

Iraq, Turkey, UAE, Qatar sign agreement on Iraq’s $17bn Development Road project

 Iraq, Turkey, UAE, Qatar sign agreement on Iraq’s $17bn Development Road project

The Iraqi Prime Minister, Mohammed Shia Al-Sudani, and the Turkish President, Recep Tayyip Erdogan, sponsoring a quadripartite agreement between Iraq, Turkey, the UAE, and Qatar. Photo: PMO

Baghdad (IraqiNews.com) – Iraq, Turkey, the UAE, and Qatar signed on Monday a quadripartite agreement on Iraq’s Development Road project under the auspices of the Iraqi Prime Minister, Mohammed Shia Al-Sudani, and the Turkish President, Recep Tayyip Erdogan.

The agreement aims to enhance cooperation regarding Iraq’s strategic project of the Development Road, as the four countries will develop the necessary frameworks to carry out the project, according to a statement issued by the Prime Minister’s Office (PMO).

The Iraqi Minister of Transport, Razzaq Al-Saadawi, the Turkish Minister of Transport and Infrastructure, Abdulkadir Oraloglu, the Qatari Minister of Transport, Jassim Al-Sulaiti, and the UAE Minister of Energy and Infrastructure, Suhail Mohamed Al-Mazrouei, signed the agreement on behalf of their countries.

The strategic project of the Development Road is expected to stimulate economic growth and promote regional and international cooperation relations as it will achieve economic integration and sustainability between East and West.

The project will also increase international trade, facilitate the movement of goods, provide a new competitive transport route, and promote regional economic prosperity.

The Iraqi Prime Minister stated earlier that the Development Road represents a global corridor to transport goods and energy.

Al-Sudani illustrated that the project includes a railway to transport goods, with a capacity of 3.5 million tons in its first phase that will be increased to 7.5 million tons in the second phase.

The Iraqi Prime Minister elaborated that the project will also include a highway for land transport and pipelines to transport energy, in addition to the Al-Faw Grand Port and the industrial city expected to be one of the largest in the Middle East.

The project will generate many job opportunities for Iraq and the countries of the region, as well as opportunities for industries and businessmen, and it will be a center attracting global trade.

Many Arab, regional, and European countries have expressed their willingness to participate in Iraq’s Development Road project, either by pumping in investments or taking part in the construction works, as it constitutes an important link between Asia and Europe.

The value of the project is estimated at $17 billion. It will connect the Al-Faw Grand Port in southern Iraq to the border with Turkey by extending a railway and road network.

The project is expected to turn the country into a transit center by shortening the travel time between Asia and Europe in an attempt to compete with Egypt’s Suez Canal.