Thursday 7 July 2022

World Bank inks $510m Iraq infrastructure project deal

KUWAIT, February 14, 2018

The World Bank Group has signed major infrastructure development projects worth $510 million with the government of Iraq in bid to help improve the living conditions of Iraqi citizens, said a report.

The two projects along with the ongoing $750 million Emergency Operation for Development programme and other planned commitments, will increase the World Bank’s total commitment to Iraq to $4.7 billion, compared to $600 million four years ago.

Iraqi Prime Minister Haider Al Abadi and World Bank Group President Jim Yong Kim attended the signing ceremony for the two projects, which took place on the sidelines of the Iraq Reconstruction Conference hosted by Kuwait.

The increased bank commitment will help support immediate restoration of education and health services, rebuilding important roads and bridges, and rehabilitation of electricity and water systems.

The ongoing emergency reconstruction projects have already created thousands of jobs for Iraqis and the new projects are expected to create millions more.

"We will mobilise the full range of the World Bank Group’s expertise to invest in a new, stronger Iraq," remarked Kim in a speech at the opening of the conference.

"We will continue to work with our international partners to ensure the smooth and sustainable transition from stabilisation through recovery to reconstruction," he stated.

He pointed out that the World Bank was committed to scaling up its support for Iraq reconstruction and development subject to availability of resources.

"We will work hand in hand with the private sector to support Iraq," observed Kim.

"We must all invest in Iraq’s smart and ambitious youth. We must invest in Iraq’s resilient women. These are the investments that will remain long after the reconstruction process has ended," he added.-TradeArabia News Service

Tags: World Bank | Iraq | Infrastructure projects |

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