World Bank approves more than $1bn for Iraq, Lebanon and Syria
The World Bank announced on June 25th that it authorized more than $1 billion to fund restoration and infrastructure initiatives in Iraq, Lebanon and Syria, according to The New Arab plus agencies.
Iraq obtains the largest portion of the investment, as the bank approved $930 million to improve the nation’s rail network, enhance domestic commerce, foster job creation, and stimulate economic expansion.
Jean-Christophe Carret, director of the World Bank’s Middle East division, stated: “As Iraq shifts from reconstruction to development, enhanced trade and connectivity can stimulate growth, create jobs, and reduce oil dependency.”
The international community will provide Lebanon with $250 million to enhance the rebuilding of the post-conflict nation, while Syria will receive $146 million to support its power sector, which has likewise experienced turmoil.
Earlier this year, on April 15th, Maghrebi.org via The National reported that Syrian representatives selected by Hayat Tahrir Al Sham (HTS) planned to participate in World Bank and IMF discussions in Washington the following week to pursue international loans.
Syria returns to participation after a decade, as the nation strives to reconstruct its damaged infrastructure. Saudi Arabia intends to settle Syria’s $15 million outstanding payments to the World Bank, supporting its reintegration into the global financial system.
Lebanese Prime Minister Nawaf Salam praised the World Bank’s decision, describing the project as “a key step in reconstruction by responding to damage to critical infrastructure and essential services in war-affected areas.” He continued: “This support strengthens recovery efforts within the state-led implementation framework and leverages much-needed additional financing.”
Previously, Maghrebi.org via Asharq Al Awsat reported on March 13th, The World Bank unveiled a $1 billion plan to rebuild Lebanon after a US-mediated truce was prolonged in mid-February.
The World Bank has calculated that the overall expense of rebuilding and restoration in Lebanon, following the conclusion of the 4-month Israel-Hezbollah conflict, amounts to $11 billion.
The New Arab plus agencies, Maghrebi.org via The National, Asharq Al Awsat
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