ERBIL, Kurdistan Region of Iraq - The prime minister of Iraq met with representatives of a consulting company for the multi-billion-dollar Development Road project on Sunday, following up on progress made on the matter at hand.

"The meeting witnessed a review of a number of tracks to follow up on the progress of the implementation stages" of the project, read a statement from the PM Mohammed Shia’ al-Sudani media office.

In his meeting with representatives of the American Oliver Wyman consulting firm, Sudani “stressed… the need to take into account meeting the technical and economic needs of the project, which confirms its pivotal role in the economy of Iraq and the region.”

This expansive project spans the length of the country, stretching from its southernmost shores along the Gulf to its northern border with Turkey, and even extending further into Europe.

Sunday’s meeting came at a time when Iraq’s Transportation Minister Razzaq Muhaybis al-Saadawi took part in a quadrilateral meeting in Istanbul over the weekend with his Turkish, Emirati, and Qatari counterparts on the landmark regional project. 

During a visit to Baghdad in April by Turkish President Recep Tayyip Erdogan, a quadrilateral memorandum of understanding regarding cooperation on the Development Road project was signed between Iraq, Turkey, Qatar, UAE.

Iraq sees this roadway as a crucial connection bridging the industrially vibrant nations of Asia with the technologically advanced, industrially robust, and agriculturally prosperous countries of Europe.

Stretching across 1200 kilometers, this corridor links the southern port of Faw to the Turkish border in the north via a network of railways and highways, passing through 10 Iraqi cities.

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

The first phase is scheduled to be completed by 2028, with the second and third phases expected to finish in 2033 and 2050.