BAGHDAD, Iraq, Jan 22 – The Iraqi National Investment Commission (NIC) and Al-Diwaniya governorate, on one hand, and Kuwait’s Al-Nasriyah Co., on the other, signed on Wednesday, an agreement on the establishment of the Diwaniya cargo airport.

The airport, costing up to USD 1.35 billion, will be operated by the company under the 45-year term of the contract, Governor of Al-Diwaniya, Ammar Al-Madani, told reporters here following the signing ceremony.

The ceremony gathered Kuwaiti Ambassador to Iraq, Ghassan Al-Zawawi, Deputy Prime Minister of Iraq, Bahaa Al-Araji, and NIC’s Chairman, Dr. Sami Al Araji, Al-Nasriya representatives, as well as a number of Iraqi MPs and municipal leaders.

“The airport will cover an area of seven dunams (roughly 17,500 sq. m.) in addition to a similar area allocated for future expansions,” Al-Madani said, highlighting the importance of the project to Iraq’s quest for sustainable economic development.

The project will create some 8,000 jobs for the residents of the governorate and 10 percent of its revenues will go to the provincial government, he added.

Other speakers at the ceremony lauded the steady growth of the bilateral relations and Kuwait’s role in Iraq’s development.

On Aug 30, the Iraqi government approved the project, which will be crucial to the socio-economic development in the central parts of the country.