The World Bank Finances The Iraqi Railway Project With $930 Million
Local | 12:34 – 06/27/2025 Mawazine News – Baghdad – The Ministry of Transport announced on Friday that it had obtained World Bank approval to finance a $930 million loan to rehabilitate the existing railway line, while pointing to a plan to connect Iraq’s railways to the ports of Faw and Umm Qasr, all the way to Turkey.
The Ministry of Transport’s media director, Maitham Al-Safi, said, “The maritime railway connection plan that the ministry is working on under the supervision of Transport Minister Razzaq Muhaibis Al-Saadawi, includes linking the existing railways to the Grand Faw and Umm Qasr ports, heading towards the northern regions and reaching Turkey.
” He explained that “the plan represents an integrated government vision for operating the first phase of the Grand Faw Port project, which includes five berths, and completion rates have reached very advanced stages.” He pointed out that “this approach contributes to achieving multimodal transport goals, paves the way for connecting Iraq to the European continent and strengthening its role as a regional logistics hub.”
He added that “the Development Road Project – Phase One is not limited to linking southern Iraq to its north, but rather serves as the foundation for the Strategic Development Road project, the detailed designs of which have reached advanced stages.” He noted that “the project will provide multiple future connections with Europe, whether via the current road or across its three strategic phases.”
He pointed out that “the strategic dimension of this plan is to transform Iraq into a hub for regional and international transport and trade,” noting that “the negotiations of the assigned government committee, headed by the Minister of Planning and including a team from the Ministry of Transport, with the World Bank resulted in the bank’s approval to finance Iraq with a $930 million loan, allocated to rehabilitating the current railway line and upgrading the technical and administrative capabilities of the General Railways Company.”
He pointed out that “the loan will cover the modernization of the locomotive fleet, the renewal of maintenance workshops, and the development of infrastructure, in addition to providing technical support to enhance the efficiency of institutional performance and modernize railway transport systems within the framework of a comprehensive reform vision.”
He continued, “This project represents a qualitative leap in the transport sector and enhances integration between maritime and railway transport, putting Iraq on the right path to achieving sustainable development and expanding its strategic role in international trade.” https://www.mawazin.net/Details.aspx?jimare=263145
Planning Reveals The Contents Of The Third Poverty Reduction Strategy
Economy | 06/27/2025 Mawazine News – Baghdad – The Ministry of Planning revealed, on Friday, the contents of the third anti-poverty strategy for the years 2026-2030.
Ministry spokesman Abdul Zahra Al-Hindawi said: “The Higher Technical Committee, headed by Deputy Prime Minister and Minister of Planning Mohammed Tamim, approved the third anti-poverty strategy for the years 2026-2030, during its meeting held at the end of last week.” He pointed out that “the approved strategy will be submitted to the Council of Ministers for approval in its final and official form, to enter into force from early 2026 until the end of 2030.”
He added that “the strategy includes seven main axes, from which more than 38 activities spread across various sectors emerge. These axes focus on supporting the poor and vulnerable groups in the following areas: health, housing, education, income and food, in addition to the care of the elderly and people with disabilities, children and women’s empowerment, and dealing with the effects of climate change and confronting emergencies such as epidemics and others.”
He pointed out that “the Ministry of Planning has developed general policies, plans, and procedures, while the implementation of activities will be undertaken by relevant sectoral bodies, such as the Ministries of Construction and Housing, Education, Higher Education, Labor and Social Affairs, as well as local governments and the private sector, which is a partner in the Supreme Technical Committee, as well as the Ministry of Health, the General Secretariat of the Council of Ministers, and the Kurdistan Region.”
He explained that “the strategy aims to reduce the poverty rate in Iraq by 50% over the next five years, from the current 17.5% to between 8-9%, and if it succeeds in achieving this, it will be considered a major achievement.” https://www.mawazin.net/Details.aspx?jimare=263149
Oil Heads For Weekly Losses As Middle East Supply Risks Fade
Economy | 06/27/2025 Mawazine News – Follow-up: Oil is set to decline this week as the ceasefire between Iran and Israel holds and concerns about supply disruptions in the Middle East recede.
Brent crude futures rose 34 cents, or 0.5%, to $68.07 a barrel, while US West Texas Intermediate crude rose 33 cents, or 0.51%, to $65.57 a barrel. Both benchmarks are on track to decline about 12% for the week. https://www.mawazin.net/Details.aspx?jimare=263137
Gold Heads For Second Weekly Loss.. What About Other Metals?
Stock Exchange Gold prices fell on Friday, heading for a second weekly loss, as safe-haven demand was impacted by the ceasefire between Israel and Iran and progress on the US-China trade deal, while investors awaited US inflation data.
Spot gold fell 1.2% to $3,288.55 per ounce by 06:43 GMT. The yellow metal’s price has fallen 2.3% so far this week. US gold futures fell 1.4% to $3,300.40, according to Reuters.
“The market seems very bullish on risk assets, so that is impacting gold prices,” said Soni Kumari, a commodities economist at ANZ.
Kumari added that the de-escalation in the Middle East following the ceasefire and progress in US-China trade talks reduces market uncertainty, leading to further price declines.
Iranians and Israelis welcomed the return of normal life after 12 days of the most violent confrontation ever between the two sides, which ended with a ceasefire that took effect on Tuesday.
A White House official said Thursday that the United States has reached an agreement with China on how to expedite shipments of rare earth minerals to the United States amid efforts to end the trade war between the world’s two largest economies.
Investors are awaiting US core personal consumption expenditures data, due at 12:30 GMT, for further clarity on the Federal Reserve’s monetary policy outlook. Analysts polled by Reuters expect a 0.1% monthly increase and a 2.6% annual increase.
Markets currently expect interest rates to be cut by 63 basis points this year, starting in September.
US President Donald Trump says slowing inflation means the Federal Reserve should cut interest rates, but only two US central bank policymakers have so far indicated they are considering a rate cut at the central bank’s July meeting.
Among other precious metals, spot silver fell 0.5% to $36.44 per ounce, platinum fell 2.8% to $1,378.18 after hitting its highest level in nearly 11 years, and palladium rose 0.3% to $1,135.36, its highest level since October 2024. https://economy-news.net/content.php?id=56697
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