The World Bank and Iraqi officials met to discuss the $17 billion multimodal “Development Path” mega project. The World Bank delegation, led by Jean-Christophe Carret, Country Director of the Middle East Department, met with Atwan Al-Atwani, Chairman of the Parliamentary Finance Committee. The meeting was held to discuss the details of the project and the support provided by the World Bank.
Objectives of the Development Path Project
The Development Path is a major infrastructure initiative that aims to connect Iraq to Europe via Turkey. This project is critical to increasing regional trade and economic integration. One of the main goals of the project is to create a multimodal corridor that will connect Southern Iraq to Europe via Northern Iraq and Turkey. This connection will not only strengthen Iraq’s economy, but will also enable stronger trade relations with other countries in the region.
Railway Rehabilitation and Private Sector Participation
The meeting brought up the rehabilitation of the existing railway infrastructure as an important part of the Development Path initiative. This railway covers a line from Southern Iraq to Northern Iraq and from there to Turkey. The scope of the World Bank’s support for the modernization of this railway line was discussed. In addition, the participation of the private sector for the successful implementation of the project was discussed. The contribution of the private sector is of great importance in accelerating the project and providing a broader investment perspective.
Regional Impacts of the Project
The Development Path offers significant opportunities not only for Iraq but also for the Middle East region. This project will improve interregional transportation, reduce logistics costs and contribute to increased trade. It will also strengthen connections between Turkey and Europe and promote regional development. With the support of the World Bank, the project will provide a more efficient and sustainable infrastructure and support regional stability.
This meeting between the World Bank and Iraqi officials is seen as an important step in the implementation of the Development Road project. The steps to be taken for the successful implementation of the project could accelerate the economic development of the region and make a significant contribution to the development of transportation infrastructure in the Middle East. More details about this mega project and the results of the meetings with the private sector are expected to be announced in the coming period.
