Iraq and Turkey Create Development Fund

The Iraqi Ministry of Transport intends to sign an agreement with Turkey to finance the Development Road Project through the creation of a financing fund backed by oil revenues. The goal is to develop the railway network, connect the provinces, and facilitate the transportation of goods and passengers, especially from the Port of Basra to Turkey and Europe. The project includes the first phase, which is financed by a loan from the World Bank. The government is working on preparing the designs and infrastructure, including the railway line from Baghdad to Basra and Mosul, as well as rehabilitating and expanding the existing railway lines. Additionally, the Baghdad Metro file has been transferred to the Baghdad Municipality, and there are currently no plans to implement new tram or metro projects.

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