Alstom, Hyundai said to arrange funds for delayed Baghdad Metro
High costs had halted the Iraqi project, on which work could launch by early-2020, Thomson Reuters reports
Baghdad’s governing council reportedly revealed that it had received a bank offer arranged by French transport giant Alstom and South Korea’s Hyundai to fund the delayed Baghdad Metro development.
According to Thomson Reuters, citing Alsabah, the project is estimated to be worth $1.5bn and require five years to complete.
Work on the scheme could start by early-2020, subject to the council accepting the offer. The report added that the metro development was delayed due to its high costs.
Alstom and Hyundai were reportedly signed as contractors for the Baghdad Metro project in 2018.
Baghdad governing council’s chairman for the strategic planning committee, Nizar Al-Sultan, said the entity had invested $42m for design and consultancy studies.