Iraq’s Al-Sudani discusses "governance" of Development Road with international consulting firm
Shafaq News/ On Sunday, Iraqi Prime Minister Mohammed Shia Al-Sudani met with a delegation from Oliver Wyman, an international consulting firm, to discuss the long-term “governance” of the Development Road Project in line with future advancements.
According to a statement from Al-Sudani’s media office, discussions focused on “the key principles of the economic model for the Development Road Project, including details that provide the project with significant advantages.”
“The discussion also covered ideas related to the project’s governance on both a temporary and long-term basis, ensuring alignment with major advancements in this field and consistent with the government’s vision for administrative reform and the transition to electronic governance systems,” the statement added.
What is the Development Road Project?
Iraq’s Development Road project, officially launched during Turkish President Tayyip Erdogan's visit to Baghdad in April, is set to become a cornerstone of regional trade and economic growth. Iraqi Prime Minister Mohammed Shia Al-Sudani says that the vital Road project "will transform Iraq from a landlocked country to an open one."
The project features a 1,275-kilometer (792-mile) rail and road network designed to streamline the movement of goods between Europe and the Gulf region. It is anticipated to significantly reduce trade costs between China and Europe, with energy playing a crucial role due to Iraq's substantial oil reserves.
The investment budget for the project is estimated at $17 billion, with $6.5 billion allocated for highways and $10.5 billion designated for an electrified railway.
In addition to transforming regional trade dynamics, the Road Project is forecasted to create 100,000 jobs in its first phase and potentially up to one million jobs upon completion.
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