The World Bank announced on Friday a $900 million financing package for Iraq to improve its road infrastructure, including links to neighbouring Turkey, Syria and Jordan.
- +World Bank announces $900m finance deal for Iraqi roads
Iraq is, after many years, experiencing a period of relative stability that has allowed new economic projects and major investments to take place.
Iraq is, after many years, experiencing a period of relative stability that has allowed new economic projects and major investments to take place.
A major focus has been on transport infrastructure, much of which has crumbled over decades of negligence and corruption in the public sector and 40 years of armed conflict.
The financing aims to “make travel safer and more reliable, and create opportunities for people and businesses across the country”, the World Bank said in a statement.
The project will focus on two corridors, it said, “a north-south corridor linking Baghdad to the Turkish border through Expressway 2 (E2), and an east-west corridor along Expressway 1 (E1) connecting Baghdad with Syria and Jordan”.
The World Bank said it expected around eight million people, close to 17 per cent of the population of the country, to benefit from the project.
Iraq is highly dependent on road transport, and is also a key transit route for trucks traversing the region.
The World Bank previously announced $930 million in financing for the modernisation of Iraq’s railway network.
