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FINANCIAL NEWS
Globim wins $600m monorail contract in Iraq
27 Jun 2010
(MENAFN) A member of Najaf?s investment committee in Iraq said that the city?s council has awarded a $600 million contract to a Canadian company to build the country’s first monorail, Reuters reported.
He pointed out that the contract was awarded to TransGlobim International (Globim), a privately-owned Canadian consortium.
The monorail is one of a number of large-scale infrastructure projects discussed by Iraqi officials since the fall of the former regime, including a plan for a multi-billion dollar Baghdad metro, none of which has been built.
Now emerging from the sectarian warfare unleashed after the 2003 US-led invasion but still suffering frequent insurgent attacks, the country is seeking ways to fix its roads, railways, ports, power plants and other basic infrastructure.
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