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FINANCIAL NEWS
Italian group to construct $4.6b port in Iraq
06 Apr 2010
(MENAFN) Iraqi Transport Minister Amer Abduljabbar Ismail said that an Italian group will begin construction in a month on what will become Iraq’s largest shipping port, Reuters reported.
The consortium will be led by Italian engineering firm Technital and will include other Italian construction firms partnering with the Iraqi transport ministry, Ismail said.
The facility at Fao, at the southernmost tip of the country, will be fed by a new rail line linking it to the Turkish border in the north, dramatically improving Iraq’s moribund transport infrastructure.
The $4.6 billion project will be the biggest infrastructure project in Iraq in 30 years, and will be funded by Iraqi and foreign finance, both public and private, he added.
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