World Bank to finance Iraqi railway modernization with USD 930 million

The World Bank has approved financing of USD 930 million for the Iraq Railways Extension and Modernization (IREM) project, aimed at rehabilitating and modernizing the railway system. The project includes track renewals, installation of signalling systems, safety measures at level crossings, rolling stock maintenance improvements, and asset management initiatives. It also focuses on operational efficiency, financial management, infrastructure charging regimes, and staffing plans. Furthermore, the project aims to integrate Iraq's railway network with the Kurdistan Region of Iraq and explore connections with Turkiye. Environmental and social risk management, public consultations, and compensation activities are part of the planning process. By 2037, the railway corridor is expected to carry millions of tons of freight and passengers annually, creating thousands of jobs in construction and the railway sector.