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Iraq’s USD 17 bn Development Road Projectis attracting the attention of foreign investors, with Lebanon and Hungary being the latest countries to express interest in participating. Iraq is currently putting in place the final designs for the project, which will include the MENA region’s largest industrial city, Iraq’s Prime Minister Mohammed Al Sudani said, according to the Iraqi News Agency.
Iraq wants Lebanon on board: Lebanese officials say that Lebanon can potentially contribute by making its ports of Beirut and Tripoli the sea outlets for the project, according to a Lebanese Information Ministry statement. Officials from the two countries discussed enhancing their economic cooperation and developing their bilateral relations.
It’s also open to all Arab countries wishing to contribute to the project, the Iraqi Transport Ministry statement said.
WATCH THIS SPACE- Iraq will hold a press conference this Wednesday to discuss the project and will invite more potential investors, according to Lebanese news outlet LBC International.
The project is also attracting the attention of Hungarian companies looking to invest, INA reported following a meeting between Al Sudani and Hungarian ambassador to Iraq Attila Tar.
ICYMI- China could also contribute to the project, whether through investment or implementation. Chinese Ambassador Cui Wei visited Baghdad last week, where Iraqi Transport Minister Razzaq Al Saadawi said that Iraq is “looking forward to an effective contribution by China.” Ambassador Cui Wei also expressed China’s readiness to review the feasibility study conducted by Iraq and offer technical advice for the project’s completion, INA reported separately.
Background: The USD 17 bn project, announced last month, will involve roads, bridges, and high-speed trains that can transport goods and passengers at speeds of up to 300 km per hour, while the road network is anticipated to facilitate the transportation of some 5-6 mn containers. The project is expected to become a major rival to the Suez Canal, by significantly reducing travel time between Europe and Asia.
