Shafaq News/ Turkiye will invest $19.9 billion in building railways and roadways linked to the "Development Road" project, Turkish Minister of Transport and Infrastructure, Abdulkadir Uraloglu, announced, on Tuesday.
Uraloglu said to Anadolu Agency, "There will be a 2,094-kilometer railway line in Turkiye within the scope of the Development Road project. We will build 1,655 kilometers of railway lines with an investment of $17.9 billion, which will connect to the existing 439 kilometers of railway lines."
He further explained, "Work continues building 928 kilometers of railway, for which we have allocated $7.1 billion, and plans are in place to build the remaining 727 kilometers."
He also reminded that there are investments in highways as part of the project, with a total of 331 kilometers of highways to be built at a cost of $2 billion, as part of 1,924 kilometers of land routes covered by the project within Turkiye.
"The Development Road project will play a role in increasing regional cooperation, and when the railway and highway projects are completed, our total investment will amount to $19.9 billion,” he concluded.
In the same context, Iraqi Deputy Foreign Minister, Hisham Al-Alawi, emphasized that the “relationship between Iraq and Turkiye is important and diverse, built on a shared history, culture, and a history of mutual benefit, adding that Iraq and Turkiye are working together in many areas.”
Al-Alawi also recalled the signing of memorandums of understanding and agreements that allow both sides to bridge gaps and advance bilateral relations. He added, "High-level reciprocal visits will continue to enhance bilateral relations and achieve the shared vision."
It is worth mentioning that on April 22, Turkiye, Iraq, Qatar, and the UAE signed a four-party memorandum of understanding in Baghdad to cooperate on the "Development Road" project, under the patronage of Turkish President Recep Tayyip Erdoğan and Iraqi Prime Minister Mohammed Shia' Al-Sudani.
The project features a 1,275-kilometer (792-mile) rail and road network designed to streamline the movement of goods between Europe and the Gulf region. It is anticipated to significantly reduce trade costs between China and Europe, with energy playing a crucial role due to Iraq's substantial oil reserves.