Agreement Reached on Financing Mechanism for the Development Road Project
Turkey and Iraq have reached a key agreement on the financial structure of the mega transportation project that will connect the Persian Gulf to Europe.
An agreement has been reached between Turkey and Iraq on the financing mechanism for the Development Road Project, which will connect the Persian Gulf to Europe via Iraq and Turkey.
Agreement on the Financing Mechanism
Minister of Transport and Infrastructure Abdulkadir Uraloğlu stated that the mechanism is based on channeling the value generated from Iraq's natural resources back into the country's transportation infrastructure.
It was stated that four rounds of negotiations have been held since July 28, agreement has been reached on the fundamental principles of financing, and work is now underway for the legal framework.
Scope and Details of the Project
It was noted that Turkish companies will play an active role in the construction of the project, connecting the Grand Faw Port to Europe via Turkey through a railway and highway network of approximately 1,200 kilometers.
It was reported that work continues on the draft agreement that will establish the intergovernmental legal framework.