World Bank’s total commitment to Iraq now stands at $4.7bn, up from $600m four years ago
An infrastructure development deal comprising two projects that will improve the living conditions of Iraqi citizens was signed between the World Bank Group and the Iraqi Government. The $510m agreement is the latest project the World Bank is embarking on in Iraq, and raises its total commitment to projects in the country to $4.7bn.
The signing ceremony was attended by Iraq’s Prime Minister Haider Al Abadi and World Bank Group president Jim Yong Kim. The bank’s increased commitment to projects in Iraq will help restore education and health services, rebuild key roads and bridges and will also upgrade electricity and water systems.
“We will mobilise the full range of the World Bank Group’s expertise to invest in a new, stronger Iraq, and continue to work with our international partners to ensure a smooth and sustainable transition from stabilisation through recovery to reconstruction,” said Kim.
Ongoing construction projects in the country have already helped create jobs for Iraqis according to the World Bank, and yet more will be created in the coming months owing to the two new infrastructure projects. The World Bank also said that it is planning to scale up its support for Iraq reconstruction and development in line with availability of resources.
“We will work hand in hand with the private sector to support Iraq. We must all invest in Iraq’s smart and ambitious youth and invest in Iraq’s resilient women. These are the investments that will remain long after the reconstruction process has ended,” Kim added.