A $17-billion project to build a rail line linking southern Iraq with Europe via Turkey is expected to boost foreign investment in the OPEC nation by nearly 30 percent, an Iraqi deputy was reported on Tuesday as saying.

Baqir Al-Saadi, a member of Parliament’s Services Committee, said 10 countries from the Gulf and other regions have so far expressed interest in contributing to “The Development Road” starting from Faw Port and ending at the Turkish border.

“This is a strategic project that will change the logistic map in the region…we expect the project to increase investment in Iraq by nearly 30 percent in seven main sectors, including housing and industry,” Saadi said, quoted by Baghdad Alyoum news network.

He said the project, which involves the construction of a 1,200-km rail and a parallel motorway, would slash transport costs to Europe and South Asia by 20-25 percent.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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