Shafaq News/ Iraq's Minister of Transportation, Razaq Mhaibes, on Saturday lauded the 'Development Road' initiative as it serves the collective interests of regional countries and not only Iraq.

"We assure that the 'Development Road' initiative serves the interests of all regional countries," he said in a speech he delivered during the inauguration ceremony, "this transit path for goods and energy will yield substantial developmental gains for Iraq and neighboring nations."

Mhaibes said the 'Development Road' would transform areas along its span into factories, workshops, storage facilities, and investment projects.

" It would also enhance employment opportunities and foster growth, investment, and trade in both the private and public sectors."

The minister noted that the 'Development Road' initiative would provide a common meeting point, enhancing regional security and preserving mutual interests.

Mhaibes shed light on the ongoing work at al-Faw Grand Port project and indicated the government's intention to initiate the first phase of al-Faw port operations by the end of 2025.