LOC19:17
16:17 GMT
WASHINGTON, June 25 (KUNA) -- The World Bank has approved a USD 930 million fund to help improve Iraqآ’s railway performance, in additon to boosting domestic trade, create jobs and diversify the economy, it said on Wednesday.
Known as the Iraq Development Road, the project aims to transform Iraq into a pivotal transport hub by connecting the Gulf Arab region through Iraq to the Turkish border, which will be instrumental in reducing travel time and increasing freight volumes, according to a World Bank statement.
It also aims to develop railway infrastructure and services between Umm Qasr Port in southern Iraq and Mosul in the north, at a time where Iraqآ’s rail sector suffering from limited connectivity, disrepair and underfunding, while more investments there is an essential first step towards enhancing both national and regional connectivity, added the statement.
As Iraq shifts from reconstruction to development, enhanced trade and connectivity can "stimulate growth, create jobs, and reduce oil dependency," said Jean-Christophe Carret, World Bank Middle East Division Director, underlining the project's goal of transforming Iraq into a regional transport hub improved connectivity and economic diversification growth, said the official.
On the intricacies of the railway project, he said it will also include technical assistance to improve the institutional and corporate performance of the Iraqi Republic Railways, in addition to developing a railway sector reform action plan and identifying opportunities for private sector involvement, he said, citing staff training and the encouragement of women's participation in the rail sector as other objectives.
Looking ahead to when the project comes to fruition by the year 2037, he expected the revived railway line to carry 6.3 million tons of domestic freight, 1.1 million tons of exports/imports and 2.85 million passengers, all to the benefit of some 17 million people, added the World Bank official. (end)
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