Iraq is talking to financial institutions to secure funds for the Al Faw Grand Port project, which is expected to cost nearly $5.38 billion, the country’s Planning Minister has said.
Khaled Al-Najm told the official daily Alsabah that the project, slated to be one of the world’s largest container terminals, also comprises an industrial zone
“The government is committed to securing funds for this project despite the current financial crisis….big efforts are being exerted in coordination with some financiers to secure sufficient funds for this project,” he said without identifying those financiers.
Iraq, a key OPEC oil producer, said in August that it would award South Korea’s Hanwha a contract for the construction of quays, tunnels and a motorway linking the port area to the border with nearby Kuwait.
The port will have a capacity to handle 99 million tonnes annually. It comprises a 39km container quay and two km of berths along with a container warehouse and hinterland covering more than one million square metres.
Source: Reuters (Writing by Nadim Kawach; Editing by Anoop Menon)