Iraqi PM lays foundation stone of the grand Faw port

Iraq 12:13 PM - 2021-04-11

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The Iraqi Prime Minister laid the foundation stone for the strategic Faw port project in Basra on Sunday, calling it an economic bridge connecting the countries of the region.

 

Prime Minister Mustafa Al-Kadhimi affirmed ring his speech at the stone laying ceremony that the Faw port will provide great opportunities for Iraq and strengthen its geopolitical position in the region.

 

“The grand Faw project is not only for Basra. It is a strategic project that contributes to the development and reconstruction of all governorates of Iraq, and makes the country an economic bridge linking the various countries of the region, enhance its geopolitical position in the region and the world, and will create many job opportunities for the people of Basra and the rest of the provinces, and contribute to the development of the province.” Iraqi Prime Minister Mustafa al-Kadhimi said during a ceremony at the site of the port on Sunday.

 

"Many gambled on the failure of the project and spread several rumors to frustrate the people, but the project is officially launched today after we completed the planning and negotiations stages and we funded the project from this year's budget," he added.

 

The Faw port is located south of Umm Qasr, Iraq’s main seaport, and will be deeper to allow larger container ships.

 

Iraq’s government has agreed to sign a $2.625 billion contract with South Korea’s Daewoo Engineering & Construction (047040.KS) on December 30 to build the first phase of the giant commodities Faw port.

 

Faw Port is considered a strategic national project for Iraq, as it will be the only Iraqi port capable of receiving large ships, enabling Iraq to become part of a new silk road via the transference of goods from east to west through its lands from the Persian Gulf to the Mediterranean Sea.

 

The project was raised for the first time in 1978, but due to internal and external controversy, it only began after the regime change in 2003. Kuwait later launched the construction of the Mubarak megaport, which raised Iraq's concern as the two ports are close in distance and competition could negatively affect Faw Port. Kuwait announced recently it stopped building Mubarak Port until any further announcement to assure it does not affect its neighbors and also due to economic hardship caused by the coronavirus pandemic. 

 

 

 

PUKmedia