Baghdad: The Iraqi government, yesterday, approved a major Public-Private Partnership (PPP) deal, worth 764 million U.S. dollars, for the development and operation of Baghdad International Airport.

According to France24.com, Mohammed Shia al-Sudani, the Council of Ministers awarded the long-term contract to a global consortium, led by Corporacion America Airports (CAAP) – a Luxembourg-based airport operator, managing more than 50 airports worldwide, in partnership with Amwaj International, a leading Iraqi real estate and investment company.

The consortium will fully finance the project with no cost to the government throughout the concession period, the statement said, without specifying the concession period. Local media reports said the period is 25 years.