Eco
In line with ongoing efforts to secure financing for the strategic Development Road project, the Ministry of Transport revealed preparations to finalize an agreement with Turkey. The proposed arrangement is based on an "oil-for-financing" framework to establish a dedicated fund supporting the initiative. Fadhil Abbas, head of the projects department at the General Company for Iraqi Railways, told an official newspaper that negotiations aim to engage Turkish firms in executing project works in exchange for crude. He explained that the initiative is currently in the design phase, seeking to upgrade Iraq's railway network, connect provinces, and serve both passengers and freight, alongside transit from Al-Faw Grand Port to Turkey and Europe. Meanwhile, Abbas noted that the first phase involves rehabilitating existing railway lines running from Baghdad to Basra and Umm Qasr southward, and toward Mosul northward. Funded through a World Bank loan, this phase will connect the network directly with Al-Faw Port and the northern border with Turkey at Faysh Khabur.
