World Bank To Finance Iraq With $930Million For Railway Projects

2025-06-27 02:00:40

(MENAFN- The Peninsula) QNA

Baghdad: The Iraqi Ministry of Transport announced today that the World Bank has approved a loan of $930 million, which will be allocated towards the country's existing railway network and modernize its associated infrastructure and technical systems. The initiative is part of a comprehensive government plan to develop the transport sector and transform Iraq into a regional and international logistics hub.

An Iraqi Ministry of Transport official said in a press briefing that the ongoing railway linkage plan includes connecting existing rail lines to the southern ports of Grand Al-Faw and Umm Qasr, and extending them northward to Turkiye. He added that this was a part of the Development Road project, which represents the first phase of Iraq's strategic linkage initiative with Europe.

MENAFN27062025000063011010ID1109733276

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.