The World Bank has approved around €793 million (US$930 million) for the Iraq Railways Extension and Modernisation (IREM) project, which involves the rehabilitation of 1,047 km of existing infrastructure running from the port of Umm Qasr in the south to Mosul in the north via Baghdad. In addition to modernising the lines, the ageing rolling stock will be renewed, workshops in Baiji will be refurbished and equipment and spare parts will be procured. The project will promote private investment in freight terminals and logistics centres, create over 3,000 construction jobs for seven years and is expected to generate 21,900 new jobs annually by 2040. By 2037, the project is expected to enable the transport of 6.3 million t of domestic freight and 1.1 million t of export or import goods.