France's Alstom to build US$1.5 billion Baghdad metro
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Mon May 30, 2011 11:04 pm

IRAQ. A five-year project for French engineering group Alstom to build an above-ground urban metro line in Baghdad will cost $1.5 billion and be funded by the French government and banks, Iraqi officials said on Monday.

The planned line, with a capacity to carry 30,000 passengers an hour, will have 22 km (13 miles) of track and 14 stations linking northern Baghdad districts with the city centre, the Baghdad provincial governor's office said in a statement.

It would help to ease congestion in the war-battered Iraqi capital, whose many military checkpoints cause traffic jams.

France's Alstom signed a memorandum of understanding for the deal in January.

A follow-up agreement signed in Baghdad on Monday paved the way for French financing for the project.

"The company has obtained agreement from several French banks and the French government to implement this project," Shaker al-Zamili, head of the Baghdad Investment Commission, told Reuters.

A final accord on the Baghdad metro project would have to be approved by the Iraqi cabinet, he added. The loan would be repaid by Iraq after the railway started operating, through a mechanism yet to be determined, Zamili added.

Railways are among a number of large-scale infrastructure projects proposed by OPEC producer Iraq since a 2003 U.S.-led invasion toppled Saddam Hussein and triggered several years of chaos and sectarian violence.

In June, Iraq's southern city of Najaf awarded TransGlobim International (Globim), a privately-owned Canadian consortium, a US$600 million contract to build the country's first monorail.

Iraq's roads, railways, ports and power plants have been badly decayed by years of war, economic sanctions and underinvestment.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: July 28, 2014
INTERNATIONAL. Janet Yellen is very different from any of her predecessors. She is likely the most dovish and politically leftist Fed Chair in the Central Bank's history; She sees the Fed's mission as a tool to promote progressive social policy.
date:Posted: July 28, 2014
QATAR. The potential in Indonesia is enormous and more rapid growth could generate opportunities for a number of foreign companies, says QNB Group report.
date:Posted: July 28, 2014
INTERNATIONAL. The diversified BBG Commodity Index was almost unchanged on the week; Geopolitical concerns will continue to play an important part when determining a price for crude oil.
INTERNATIONAL. In a presidential statement, the 15-member body expressed strong support for a ceasefire, and urged all parties to accept and fully implement it into the Eid period marking the end of the Muslim fasting month of Ramadan and beyond.
dhgate