By John Lee.
Iraqi Transport Minister Baqr Jabr Al-Zubeidi (pictured) has said that Iraq is considering seeking foreign investors to fund the multi-billion-dollar Grand Faw [Grand Fao] port project.
Emirates 24/7 quotes the Minister as saying that the transport ministry is unable to execute the $6-billion (7-trillion-Iraqi-dinar) project, and is considering awarding the project "on an investment basis."
He added that some foreign companies have already expressed interest in investing in this project.
To date, only part of a breakwater for the project has been completed, following “a big delay in the execution of that phase of the project.” Iraq Businesses News understands that this contract was awarded to the Greek company Archirodon.
Italian firm Technital has prepared the designs for the port, which will have a capacity of 99 million tonnes per year, a 39-km container quay and another 2-km berth, in addition to a container warehouse of more than one million square metres.
(Source: Emirates 24/7)