Iraq has approved 913.8 billion Iraqi dinars ($697 million) for its first metro project in the capital Baghdad following a delay of several years.

The cabinet agreed on the funds just before the end of 2023, according to the official Iraqi News Agency, which said in a report on Monday that the project would be launched shortly.

The funds cover design studies and management of the project, which is intended to ease traffic congestion in Baghdad, the agency said.

Iraqi officials said in 2023 that the Baghdad Elevated Metro (BET) would be executed by France’s Alstom and South Korea’s Hyundai.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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