MAR 29, 2024 JLM 75°F 02:06 PM 07:06 AM EST
Is Iraq threatening Egypt (economically)?

Yesterday, the Prime Minister of Iraq presented an ambitious project called the "Development Road". This is a transportation mega project whose cost is estimated at no less than 17 billion dollars. 

The project includes a connection between the Port of Pau, which the Iraqis are building these days in the south of the country, to the border with Turkey. The length of the project is about 1200 km and it combines railways and modern roads designed to facilitate the transfer of goods between Europe and Asia.

The aforementioned project is supposed to establish Iraq's economy outside of the oil and gas sector, as well as build infrastructures that have been destroyed in recent decades as a result of the wars Iraq has endured.

It is likely that the project will not be enthusiastically received by the Egyptians, since if it is built according to the plans, it challenges the Suez Canal - one of the most important sources of foreign exchange income for the Egyptian economy.

In the meantime, the Egyptians can be calm as the Iraqi Prime Minister did not present the sources of funding for the project and it is clear that Iraq is unable to provide the entire project.

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