PROJECTS: Iraq starts construction of Al Faw Grand Port project

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Prime Minister Mustafa Al-Kazemi announced on Sunday the start of construction of Al Faw Grand Port project, located in the Basra Governorate in Southern Iraq, local media reports said.

The reports quoted him as saying that strategic project would contribute to the development and reconstruction of all governorates of Iraq, and link the Iraqi economy to other countries in the region.

Al-Kazemi said the project would be financed from the 2021-2022 budget.

"We are facing a new phase in the modern history of Iraq, where we overcome crises, and move towards construction, reconstruction and prosperity, calling on the people of Basra and all Iraqis to" have hope and put our hands together, and build our country." he said.

In December last year, Reuters reported that Iraq signed a $2.625 billion deal with South Korea's Daewoo Engineering & Construction to build the first phase at its planned port.

(Writing by Majda Muhsen; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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