Iraqi Prime Minister Mustafa Al-Kadhimi yesterday laid the foundation stone for the Grand Faw Port in the southern province of Basra, a government statement said.
The project includes building five berths to unload ships, a yard for containers, and creating an access navigation channel.
"The Grand Faw project is not only for Basra. It is a strategic project that contributes to the development and reconstruction of all governorates of Iraq, and makes the country an economic bridge linking the various countries of the region," Al-Kadhimi said during a ceremony held on-site.
Last December, Iraq's transportation minister announced that a deal had been signed with South Korean Daewoo Engineering & Construction to build the first phase of the giant commodities port in the south of the country. The deal is worth $2.625 billion.
Iraq's Director General at the General Company for Ports, Farhan Al-Fartousi, said at the time that the construction is expected to take less than four years, adding that Baghdad is willing to sign contracts with other companies for the second and third phases.