(MENAFN- Kuwait News Agency (KUNA))
BAGHDAD, April 11 (KUNA) -- Iraqi Prime Minister Mustafa Al-Kadhemi announced, Sunday, the start of implementing Al-Fao Grand Port project in Al-Basra Governorate, south of Iraq.
In a statement, Al-Kadhemi said port is a strategic project launched officially after allocating a fund for it in the federal budget for the current year.
This port will secure great opportunities for Iraq, as it would enhance its geopolitical position in the region and the world, Al-Kadhemi added.
It would also create jobs opportunities, as it would turn Iraq into an economic bridge as well as its strategic impact on the development and reconstruction of the Iraqi provinces, he noted.
Upon completion, the ministry indicates that the port would be the largest overlooking the Arabian Gulf and the tenth in the world, as its production capacity would reach 99 million tons, according to the designs.
Last December, after signing with the Korean Company Daewoo, the project estimated to cost USD two billions and 625 million in total. (end)
ahh.sam
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