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World Bank: Al-Faw Port will lose Iraq on the path to global trade
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Baghdad today - Baghdad
The World Bank expected, today, Saturday (April 6, 2024), that Iraq will enter the global trade route once the large port of Al-Faw is operational.
During his visit to Al-Faw port, Ibrahim Dajani, director of the World Bank’s transport sector in the Middle East and North Africa region, wrote a tweet, which Baghdad Al-Youm viewed, “Once Al-Faw port is occupied, Iraq will be placed on the path of global trade between the East and Europe, which will provide opportunities for investment in the centers.” Logistics, industrial and commercial activities, as it will provide job opportunities for young women and men.”
He added, "I am happy with the Iraqi government's decision to enter into a partnership with the World Bank to achieve this important endeavor."
The large port of Al-Faw is located on the Al-Faw Peninsula, south of Basra Governorate. The cost of the project is about 5 billion dollars, with a total area of 54 square kilometers. The capacity of the planned port is estimated at 99 million tons annually, to be one of the largest ports overlooking the Gulf and the tenth largest in the world.
Iraq has completed the construction of more than 60% of an undersea tunnel linking the coastal region to international trade links through what is known as the development road with Turkey.
By the year 2038, Iraq is expected to earn $4 billion from the new port activity, to which indirect revenues will be added, such as transit services through the development road extending to Turkey and Europe, which competes with several global trade lines, thanks to the reduction in time.
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