Iraq, AIIB discuss financing development projects

The headquarters of the Asian Infrastructure Investment Bank (AIIB) in Beijing, China. Photo Jade Gao/AFP Baghdad (IraqiNews.com) – Iraqi Finance Minister Faleh Sari met with a delegation from the Asian Infrastructure Investment Bank (AIIB) led by Konstantin Limitovskiy on Wednesday to discuss funding infrastructure and development projects in Iraq. During their meeting in Baghdad, the AIIB delegation reviewed its global and regional portfolios to outline how its framework will apply to Iraq across the transportation, energy, water, and digital infrastructure sectors, according to a statement cited by the Iraqi News Agency (INA). The discussions focused on the Development Road Project, Iraq’s mega-highway and rail corridor intended to connect the Gulf to Europe. The AIIB publicly stated its willingness to fund and assist this important trans-regional corridor, acknowledging its enormous potential to drive economic diversification. The Iraqi Ministry of Transport held separate discussions with the World Bank and the AIIB to determine the technological integrations necessary for the project’s ports and rail networks. The AIIB delegation expressed its willingness to assist and fund important projects in Iraq, particularly major infrastructure projects, such as the Development Road project, which would boost the country’s economic development.