KSA gives $1bn grant to Iraq to develop country’s infrastructure
Projects include the Arar border port and the construction of a sports city
Saudi Arabia has announced a $1 billion grant to Iraq in order to develop the latter country’s infrastructure through major projects.
According to a report by SPA, the projects will include the Arar border port between the Kingdom and Iraq, and the construction of a sports city, a senior minister was cited as saying.
“The new sports city is a gift from Saudi King Salman bin Abdulaziz Al Saud, to the people of Iraq,” remarked Commerce and Investment Minister Dr Majid bin Abdullah Al Qasabi.
He added that the land for the project has already been allocated and that work was likely to start soon.
The grant is part of a Saudi plan to contribute to Iraq’s development and to be a key partner in the country’s renaissance, explained Al Qasabi, who was heading the Saudi delegation at the meetings of the second session of the Saudi-Iraq Coordination Council.
With regards to the port project, the minister said that the Arar border port project would be completed within six months.
