The Iraqi Transport Ministry has announced the establishment of a joint stock company in order to manage the port of Faw with more than 1.3 billion U.S dollars capital. The Ministry is also considering the request of foreign companies willing investing in the port of Faw. It has been considered a significant amount of progress in the work of the port. Entire resources have provided to boost up the work of port. Point to be noted that the Iraqi ports had received the eastern breakwater by the executing company during the previous year. The Transport of Iraq arranged a meeting with companies operating the port in order to eliminate all hurdles in front of this project. The statement further indicated that the Transport Ministry is hard working on the arrangement of meetings with the concerning authorities in finding the perfect mechanism to empower the Faw port. They should mention the issues being faced by them regarding the implementation of this major project.
It would entirely change its map of international transport by providing a much better support. It is most important for the Iraqi economy and for Iraqi people. This project will generate a significant amount of jobs according to the implementation stages, management, and to accommodate more Iraqi citizens. The Ministry stressed that Basra will get a share in this major and strategic project as the result of the activation of Iraqi private sector. It will be a great partner in the field of construction with the participation of other foreign companies willing to invest in the Faw port. It was said that this project would provide great benefits and it will move Iraqi economic wheel in various fields and sectors. An economic expert, Nabil Marsoumi said that the state treasury will get 2 billion U.S dollars per year after the completion of Faw port. It will also provide at least 70 thousand jobs to Iraqi citizens.