Latest news with #DevelopmentRoad
Iraqi News
2 days ago
- Business
- Iraqi News
Iraq secures $930 million from World Bank to modernize railways
Baghdad ( – The World Bank has approved $930 million in financing to upgrade Iraq's railway network, aiming to improve trade, create jobs, and support economic diversification. The Iraq Railways Extension and Modernization (IREM) Project will overhaul 1,047 kilometers of rail lines from Umm Qasr Port to Mosul via Baghdad, cutting travel time, increasing freight volumes, and expanding access to sustainable transport. The investment supports Iraq's broader Development Road initiative, which seeks to turn the country into a key trade corridor linking the Gulf to Europe through Turkey. Years of underfunding and disrepair have left Iraq's railway system struggling, making this upgrade critical to improving national and regional connectivity. The project includes modernizing infrastructure, refurbishing locomotives, rebuilding the Baiji maintenance facility, and improving safety standards. It also aims to involve the private sector in building dry ports and logistics hubs, while generating thousands of skilled jobs. An international firm will assist in managing implementation to ensure capacity building and efficiency. By 2037, the revitalized railway is expected to transport over 6 million tons of freight and nearly 3 million passengers annually, benefiting 17 million people across eight governorates. The shift from trucks to trains is expected to reduce road damage and cut maintenance costs. Over 3,000 construction jobs will be created during implementation, with nearly 22,000 annual jobs projected by 2040 as operations expand.
Qatar Tribune
3 days ago
- Business
- Qatar Tribune
Qatar to host Asian Infrastructure Investment Bank annual meeting
BEIJING: The State of Qatarwill host the11th Annual Meeting of the Asian Infrastructure Investment Bank in 2026. Minister of Finance HE Ali bin Ahmed Al Kuwari, representing the State of Qatar, and President of the Asian Infrastructure Investment Bank (AIIB), Jin Liqun signed the agreement for hosting the 2026 Annual Meeting, on the margin of the the Annual Meeting of the AIIB, taking place in Beijing, China. In his speech during the signing ceremony, the Minister stated: "Our capital stands out as a hub for global dialogue and cooperation, and we look forward to welcoming you with Qatari warmth, professionalism, and a deep respect for the multilateral values that unite us." He highlighted the importance of leveraging this event to foster international dialogue on the future of infrastructure, stating: "We hope the Doha Annual Meeting will serve as a platform to deepen the conversation on future infrastructure, whether in sustainable transport, resilient energy systems, or cross-border connectivity projects such as the Development Road in Iraq and other vital corridors across Asia and the Middle East." He reaffirmed Qatar's commitment to supporting the Bank's objectives and enhancing the partnership, saying: "We do not view the Asian Infrastructure Investment Bank merely as a financial institution, but rather as a platform for ideas, partnerships, and shared prosperity. Our national vision is built upon principles of diversification, sustainability, and human capital—values we aspire to embody when we host you in Doha." For his part, AIIB President and Chair of the Board of Directors, Jin Liqun said: "Located at the crossroads of Asia, Africa, Europe and South America, Qatar serves as a vital global connector." "Hosting the 2026 Annual Meeting there will open new avenues for interregional collaboration on sustainable infrastructure, connectivity and innovation," he added. Qatar's hosting of this prominent international event reflects its growing stature as a leading regional financial and investment hub and underscores its ongoing commitment to supporting multilateral development initiatives and enhancing international cooperation in infrastructure and sustainable development.
Qatar Tribune
3 days ago
- Business
- Qatar Tribune
Qatar to welcome AIIB in 2026, reinforcing its status as a global hub
Tribune News Network Doha Qatar will host the 11th Annual Meeting of the Asian Infrastructure Investment Bank in 2026. Minister of Finance HE Ali bin Ahmed Al Kuwari, representing the State of Qatar, and President of the Asian Infrastructure Investment Bank (AIIB), Jin Liqun signed the agreement for hosting the 2026 annual meeting, on the margin of the Annual Meeting of the AIIB, taking place in Beijing, China. In his speech during the signing ceremony, the Minister stated: 'Our capital stands out as a hub for global dialogue and cooperation, and we look forward to welcoming you with Qatari warmth, professionalism, and a deep respect for the multilateral values that unite us.' He highlighted the importance of leveraging this event to foster international dialogue on the future of infrastructure, stating: 'We hope the Doha Annual Meeting will serve as a platform to deepen the conversation on future infrastructure, whether in sustainable transport, resilient energy systems, or cross-border connectivity projects such as the Development Road in Iraq and other vital corridors across Asia and the Middle East.' He reaffirmed Qatar's commitment to supporting the Bank's objectives and enhancing the partnership, saying: 'We do not view the Asian Infrastructure Investment Bank merely as a financial institution, but rather as a platform for ideas, partnerships, and shared prosperity. Our national vision is built upon principles of diversification, sustainability, and human capital—values we aspire to embody when we host you in Doha.' For his part, AIIB President and Chair of the Board of Directors, Jin Liqun said: 'Located at the crossroads of Asia, Africa, Europe and South America, Qatar serves as a vital global connector.' 'Hosting the 2026 Annual Meeting there will open new avenues for interregional collaboration on sustainable infrastructure, connectivity and innovation,' he added. Qatar's hosting of this prominent international event reflects its growing stature as a leading regional financial and investment hub and underscores its ongoing commitment to supporting multilateral development initiatives and enhancing international cooperation in infrastructure and sustainable development.
Iraqi News
5 days ago
- Business
- Iraqi News
World Bank approves $930M loan to modernize Iraq's key railway
Baghdad ( – The World Bank's Board of Executive Directors has approved $930 million in financing for the Iraq Railway Expansion and Modernization Project (IREM), a landmark initiative aimed at revitalizing the country's critical north-south rail corridor. The project is seen as a foundational step in Iraq's broader ambition to become a pivotal regional transport hub. This investment will focus on rehabilitating and upgrading 1,047 kilometers of existing railway lines that connect the nation's primary seaport at Umm Qasr in the south to Mosul in the north, via the capital, Baghdad. The goal is to enhance performance, boost domestic trade, create substantial employment, and help diversify Iraq's economy away from its heavy reliance on oil. The IREM project is strategically aligned with Iraq's ambitious Development Road (IDR) initiative, which was announced in May 2023. The IDR aims to transform Iraq into a crucial transit center linking the Gulf to Turkey and onwards to Europe. Officials recognize that before this grand vision can be realized, the backbone of the existing national rail network—which has suffered from decades of neglected maintenance and underfunding—must be rebuilt. 'As Iraq transitions from reconstruction to development, enhanced trade and connectivity can spur growth, create jobs, and reduce oil dependence,' said Jean-Christophe Carret, World Bank Middle East Director. 'The Iraq Railway Expansion and Modernization Project is vital for transforming Iraq into a regional transport hub and helps achieve the Development Road's goals of improved connectivity, economic diversification, and growth.' The $930 million financing will fund a comprehensive overhaul of the railway sector. Beyond modernizing the tracks themselves, the project will address the aging fleet of locomotives and rolling stock, renovate the key Baiji maintenance workshop, and provide essential equipment and spare parts. A crucial component is the enhancement of private sector participation in the creation of modern dry ports and logistics centers along the route, which will generate high-skill, sustainable jobs. The project will also implement a comprehensive safety management system, upgrade infrastructure and crossings, and provide extensive training for the staff of Iraqi Republic Railways (IRR), with a specific focus on supporting the participation of women in the sector. To ensure swift and effective implementation, an international firm will be contracted to manage the project's capital expenditure and help build IRR's capacity to handle large-scale infrastructure programs. The projected outcomes of the IREM project are transformative. By 2037, the rehabilitated line is expected to transport 2.85 million passengers annually, along with 6.3 million tons of domestic freight and 1.1 million tons of import/export cargo. This shift of freight from road to rail will significantly reduce damage to Iraq's highways and lower annual road maintenance costs. On the employment front, the project will create over 3,000 full-time construction jobs for seven years and, once operational, is projected to support approximately 21,900 jobs annually by 2040, marking a major boost for the national economy. By revitalizing this critical artery, Iraq is not just rebuilding a railway; it is laying the tracks for a more connected, diversified, and prosperous future.
Iraqi News
17-06-2025
- Business
- Iraqi News
Iraq qualified to be regional financial center
Baghdad ( – The prime minister's financial advisor, Mazhar Salih, revealed on Sunday that Iraq is qualified to be a regional financial center. In a statement to the Iraqi News Agency (INA), Salih explained that Iraq is the second-largest oil producer in the Middle East and has the world's fourth-largest oil reserves, allowing the country to play a leading role in the global energy market given its large financial surpluses that can be directed toward investments in financial infrastructure. Iraq's foreign reserves surpass $100 billion, giving the country a considerable financial safety cushion, trust in monetary stability, and strong financial investment appeal, according to Salih. The Iraqi official indicated that Iraq's unique geographic location, which serves as a critical corridor connecting the world, provides an open economic space for global markets and their commercial interactions, with links creating an important climate for regional financial markets, especially with the country's strategic project of the Development Road, which will connect Europe and the Gulf. Iraq's human resources, with 60 percent under the age of 30, are capable of undergoing training in financial technology, banking innovation, digital technology, and artificial intelligence, according to Salih. Additionally, given that the state-owned banks are controlling more than 80 percent of the country's banking activities, the reform campaign led by the Iraqi government aims to transform Iraq into a global financial center.
