ERBIL, Kurdistan Region of Iraq – The Supreme Committee for the Development Road project on Thursday approved the establishment of a “special company” to oversee the implementation of the multi-billion dollar project.

“The Iraq Development Fund’s proposal to establish a special company to manage the Development Road Project” was approved in a meeting of the committee chaired by Iraqi Prime Minister Mohammed Shia’ al-Sudani, according to a statement from the premier’s office.

The meeting marked the second gathering of the committee within one week and was attended by the Minister of Transportation Razzaq Muhaibis al-Saadawi in addition to several other high-ranking officials with relevance to the project.

The Development Road is a massive multi-billion dollar railways, roads, ports, and cities project which aims to shorten travel time between Asia and Europe and links the Grand Faw Port in southern Iraq to the Turkish border. The project is set to create hundreds of thousands of jobs and enhance Iraq’s geopolitical status.

The meeting also saw the approval of “interim governance instructions” for regulating the relationship between Iraq and Turkey in regards to the grand project, with Sudani issuing a directive for a meeting between the Iraqi and Turkish sides to “finalize these instructions,” the statement added.

The architectural plan for the Development Road is structured in three phases, with phase one projected to be completed by 2028, while the second and third phases are expected to finish in 2033 and 2050 respectively.

The initial investment for the project is estimated at $17 billion, with projected annual profits reaching approximately $5 billion.