The Central Bank of Iraq has announced a major initiative to revive Al-Rasheed Street, one of Baghdad’s most historic areas. The project, valued at more than 90 billion Iraqi dinars, will include the creation of a tram line that promises to transform the iconic street into a vibrant cultural and commercial destination.
Importantly, the Central Bank of Iraq emphasized that this project represents a balance between modernization and heritage preservation. Al-Rasheed Street, once a bustling hub of trade and culture, will regain its prominence and offer a modern transport solution that improves mobility across old Baghdad.
According to the bank’s statement, the Council of Ministers, Baghdad Municipality, the Ministry of Culture, and the Iraqi Private Banks Association will carry out the revival effort in collaboration. This partnership highlights the government’s focus on teamwork and innovation in reshaping the capital.
Moreover, the Central Bank of Iraq confirmed that its contributions extend far beyond this landmark project. Recently, the bank supported the House of Cultural Affairs with over 3 billion dinars. It also invested 2 billion dinars to restore the Dar Al-Wali site within the historic Serai near Al-Qishla. Both initiatives reflect a long-term policy of protecting cultural sites while promoting modern infrastructure.
Officials explained that the tram system on Al-Rasheed Street will serve as a symbol of Baghdad’s renewal. At the same time, it will attract tourism, encourage investment, and provide residents with improved transportation. This dual purpose makes the project both a cultural and economic milestone for the city.
In addition, authorities underlined that preserving the character of Al-Rasheed Street remains central to the plan. Every detail of the tram project has been designed to ensure harmony between modern development and historic architecture. Therefore, the street will not only function as a modern urban center but also retain its unique identity.
Through this initiative, Iraq signals its determination to safeguard heritage while advancing development. The bank’s continued investments illustrate a vision where tradition and progress move forward together, strengthening Baghdad’s role as both a cultural and economic capital.
