A consortium of Luxembourg-based Corporación América Airports (CAAP) and Iraq's Amwaj International formally signed a contract for the development of Baghdad International Airport on Wednesday.

Last month, Zawya Projects had reported that the Iraqi cabinet approved the election of the consortium to develop and operate the airport. 

The official Iraqi News Agency said Prime Minister Mohammed Al-Sudani was present at the signing of the contract in Baghdad along with representatives of the Washington-based International Finance Corporation (IFC), which has overseen preparation of the project.

Officials said the contractor would invest around $764 million in the project and would share revenues from its 25-year operation contract.

(Writing by N Saeed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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