World Bank Approved 350 million U.S Dollars for Iraq

On Saturday, The World Bank has announced that they are agreed in providing financial support worth 350 million U.S dollars in order to support the reconstruction process in Iraq. It is considered as a part of an extensive program that would be implemented for five year plan for reconstruction of infrastructure in Diyala and Salahuddin provinces. The World Bank has issued a statement that the World Bank has been approved an economic aid for Iraq of 350 million U.S dollars to help in restructuring the Iraqi infrastructure and reform public services in order to recover the Iraqi economy and to decrease the areas of conflicted paths. The World Bank also added that it is an emergency operation to manage the crisis problems that created by the current security condition in Iraq and a major downfall in the global oil prices.

It is also said that it is a part of five-year extended program in two most important provinces Diyala and Salahuddin and at least seven affected cities of Dhuluiya and Tikrit. Farid Belhaj, Orient manager of World Bank also said that the Bank would play its major role to meet the challenge of the current crumbly situation. The project will be targeted for quick improvement in the basic services in the destructed areas. The Iraqi Finance Ministry announced on 2nd July 2015 that World Bank is looking to grant a handsome loan for Iraq of 1.7 billion U.S dollars. This current announcement by the World Bank to allocate 350 million U.S dollars will be used for restructuring process in liberated areas and to fight against Daash.

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