FINANCIAL NEWS

Alstom to construct USD1.5b metro in Baghdad

31 May 2011

(MENAFN) Baghdad Investment Commission’s director, Shaker Al-Zamili, said that the Iraqi governemnt signed an agreement with France’s Alstom by which the French company would construct a USD1.5 billion metro line in Baghdad, reported Arab News.

Al-Zamili added that the project would be financed by the French government as well as other several banks, adding that the 22 km track metro line would have 14 stations connecting districts in northern Baghdad with the city center and the capacity to carry 30,000 passengers per hour.

He also said that the French engineering group which got the approval from numerous French banks in addition to the French government to execute the project would only need the Iraqi cabinet’s approval in order to start implementing the urban metro line.

It is worth noting that Iraq’s roads, railways, ports and power plants have been badly destroyed by years of war, economic sanctions and underinvestment, and projects like these will help reduce congestion in the capital where many military checkpoints cause traffic jams.

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