ERBIL, Kurdistan Region of Iraq - Nasser al-Asadi, the Iraqi prime minister's transport advisor, said Friday that Iraq has completed a detailed plan to manage and finance the Development Road Project in cooperation with the US-based consulting firm Oliver Wyman.

The Development Road aims to boost Iraq’s economy by linking the southern port of al-Faw in Basra to Europe through Turkey. The route will pass through Diwaniyah, Najaf, Karbala, Baghdad, and Mosul before entering Turkey’s Sirnak Province and reaching Mersin on the Mediterranean Sea.

Asadi told Iraqi state media that the government and Oliver Wyman developed “a full roadmap” to ensure the project’s financial and operational sustainability and attract major international investors.

He explained that the Development Road will use a dual financing system, combining direct government spending with foreign investment at different stages of the project.

“The expected investment in the project is very large,” Asadi said. “We brought in experts to manage and sustain these opportunities using international experience and advanced technology, introducing a new approach to private-sector investment in Iraq.”

He noted that Oliver Wyman’s studies have highlighted key investment opportunities along the route, which have already drawn strong global interest. “The project’s name has become a global brand linked to promising opportunities in transport, logistics, and economic services,” he said.

Asadi added that the Iraqi government chose to work with an international consultant to align its plans with global economic and financial standards and to help integrate Iraq’s economy into global markets.

Regarding financing, he explained that the project includes two main components: underground infrastructure and above-ground operations. The infrastructure will be fully funded by the government, with a five-year budget already allocated.

The above-ground components, including railways, roads, and industrial cities, will rely on foreign investment and private partnerships.

The advisor also revealed that Iraq is currently working with three regional partners on the project, and Oman has officially requested to join. Other countries are also in talks to participate.

“This reflects the growing international confidence in Iraq and the Development Road as a new regional hub for growth and connectivity,” Asadi said.

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.

A delegation from the Kurdistan Regional Government’s Ministry of Transport and Communications met with Iraqi ministers in Baghdad in late August to discuss possible changes to the planned route of the project that would involve the Region more.