The World Bank mentioned Wednesday it accepted over $1 billion for infrastructure and reconstruction tasks in Iraq, Syria and Lebanon.
The largest quantity went to Iraq, the place the World Bank accepted $930 million to assist enhance the nation’s railway infrastructure, enhance home commerce, create jobs and diversify the economic system.
The World Bank mentioned the Iraq Railways Extension and Modernization Project will enhance providers and improve freight capability between the Umm Qasr Port on the Persian gulf in southern Iraq to the northern metropolis of Mosul.
“As Iraq shifts from reconstruction to development, enhanced trade and connectivity can stimulate growth, create jobs, and reduce oil dependency,” mentioned Jean-Christophe Carret, director of the World Bank’s Middle East division.
The World Bank additionally accepted for war-torn Syria a $146 million grant to assist restore dependable, reasonably priced electrical energy and assist the nation’s financial restoration. It mentioned the Syria Electricity Emergency Project will rehabilitate broken transmission traces and transformer substations.
Last month, Syria signed an settlement with a consortium of Qatari, Turkish and U.S. corporations for the event of a 5,000-megawatt power venture to revitalize a lot of its war-battered electrical energy grid.
For Lebanon, which is recovering from the 14-month Israel-Hezbollah battle, the World Bank accepted $250 million to assist probably the most pressing restore and reconstruction of broken crucial public infrastructure and lifeline providers.
Source: www.dailysabah.com