The World Bank approved on Wednesday a US$930 million [approx. IQD 1.2 trillion] loan for Iraq to modernise its railway network, strengthen domestic and regional trade, and support economic diversification.The Iraq Railways Extension and Modernization (IREM) Project will upgrade the 1,047-km railway line connecting Umm Qasr Port in the south to Mosul in the north, via Baghdad.The project will enhance travel efficiency, freight capacity, and access to sustainable transport infrastructure. It also supports Iraq's broader ambition to become a regional logistics hub through the Iraq Development Road (IDR), which aims to link the Gulf with Europe via Turkey.Jean-Christophe Carret, World Bank Middle East Division Director, said the IREM project is a key step in Iraq's shift "from reconstruction to development," helping reduce oil dependency by promoting trade and creating jobs.Key project components include:Rehabilitation of critical rail infrastructure;Modernisation of ageing locomotives and rolling stock;Upgrades to the Baiji maintenance workshop;Development of dry ports and logistics hubs to attract private investment;Implementation of a Safety Management System and infrastructure safety improvements;Technical assistance and training for Iraqi Republic Railways (IRR) personnel, with a focus on including women;Community engagement through a participatory planning and monitoring process.The project is overseen by the Ministry of Transport and implemented by IRR, with support from an international firm acting as Capital Expenditure (CAPEX) management agent.By 2037, the upgraded railway is projected to handle 6.3 million tons of domestic freight, 1.1 million tons of imports/exports, and 2.85 million passengers. The line will serve eight governorates, impacting around 17 million Iraqis. It is also expected to reduce road maintenance costs by shifting cargo from trucks to rail.The IREM project is anticipated to generate over 3,000 full-time construction jobs over seven years, and support 21,900 jobs annually by 2040 through expanded operations and logistics development. (ICE AMMAN)

Fonte notizia: Stampa Locale