Iraq plans to fully redevelop Baghdad International Airport under a new investment plan. This project highlights Iraq Airport Project as the key focus of its latest public-private partnership.
The Ministry of Transport shared details of this huge project. The government works with the International Finance Corporation, which helps with technical and legal matters.
Iraq wants to attract investors without using public funds. Instead, private companies will cover the entire cost of the project. The project will cost between $400 million and $600 million.
Iraq Airport Project focuses on building new terminals and expanding passenger capacity. The airport will first serve 9 million travelers each year, then grow to 15 million later.
Officials confirmed that the government will remain in full control of security, customs, and air traffic. Investors will handle the daily operations of the airport, including terminals, shops, and cargo services.
The bidding process has already started. Ten major global groups qualified to bid for Iraq Airport Project. The government will select the winner based on the highest revenue offer.
All airport workers will benefit from better pay and advanced training. The project also includes major upgrades to the runway, airfield systems, and passenger facilities.
Investors will also manage shops, parking lots, and other commercial areas near the airport. They must also boost cargo services and modernize the airport’s technology.
The winning company will sign a long-term deal to manage the airport’s commercial operations. However, Iraq will keep full control of national security functions.
This large-scale Iraq Airport Project is part of the government’s plan to create jobs and attract foreign investors. Experts predict this project will create at least 12,000 jobs.
The International Finance Corporation’s role is limited to advice. Its total consultancy fee stays under $500,000. So far, the government has not paid any amount.
Officials believe Iraq Airport will bring huge benefits. It aims to transform Baghdad International Airport into a top hub for travelers and trade.
The Iraq Airport Project reflects Iraq’s goal to upgrade infrastructure and grow its economy.