Iraq has approved two-year budget allocations for the completion of the multi-billion-dollar Al Faw Grand Port project involving building one of the world’s largest container terminals, an Iraq official was reported on Monday as saying.

The Finance and Planning Ministries have “committed to proving all needed funds for the project until next year,” said Enmar Safi, information director at the General Company for Ports in Iraq (GCPI), an affiliate of the Transport Ministry.

“We have ensured all funds needed for the project until next year after the Finance and Planning Ministry affirmed their commitment to secure the funds,” he told the official Iraqi gazette, according to Aliqtisad News.

Safi said work on the Port in South Iraq is progressing on schedule and that the next phase comprises the construction of oil piers and other quays.

In September, Zawya Projects reported that piling works have begun for the construction of five container berths at the Port.
Source: Reuters (Writing by Nadim Kawach; Editing by Anoop Menon)