Iraq has announced that steady progress is being made on the first phase of the sprawling Al Faw Grand Port located in the country's south and the work will be competed in 2025, said a report.
South Korea’s Daewoo E&C is building the port’s infrastructure under a $2.6 billion contract awarded by the Iraqi Transport Ministry four years ago, said government officials.
As part of the Phase One work, 11 key infrastructure development projects, including quays and canals, will be implemented at a total cost of around $4.7 billion, report stated.
"Of these, six have been fully completed and the remaining five would be ready by 2025," said a senior government official.
Once completed, the Al Faw Grand Port will operate at a capacity of 20-45 million tonnes per year, he added.