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  HOME | Business & Economy (Click here for more)

World Bank Allocates $4.7 Billion for Iraq’s Reconstruction

CAIRO – The World Bank Group announced on Wednesday an agreement had been reached with the Iraqi government to finance two projects aimed at improving living standards for the population.

A signing ceremony for the two projects, attended by World Bank Group President Jim Yong Kim as well as Iraqi Prime Minister Haider al-Abadi, was held on the sidelines of the Kuwait International Conference for the Reconstruction of Iraq.

“We will mobilize the full range of the World Bank Group’s expertise to invest in a new, stronger Iraq,” Kim said in a speech at the opening of the reconstruction conference.

This new commitment of the World Bank with the current $750 million Emergency Operation for Development program aims to support the recovery of health services, rebuild roads and bridges, and the restore electricity and water systems throughout Iraq.

Meanwhile, other NGOs offered a total of $310 million for humanitarian projects in Iraq.

 

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