The Executive Board of Directors at the World Bank has announced its approval of a new financing package exceeding USD 1.3 billion, aimed at supporting vital development projects in Iraq, Syria, and Lebanon. The initiative is part of the Bank’s broader strategy to promote sustainable development and improve basic services and infrastructure in Middle Eastern countries facing cumulative economic and security challenges.
According to the World Bank’s statement, Iraq received the largest share of this funding, amounting to approximately USD 930 million. The funds will be allocated to finance a project aimed at developing and modernizing the country’s railway network, officially named the “Iraq Railway Expansion and Modernization Project (IREM).” The project seeks to connect the southern port of Umm Qasr to the northern city of Mosul through modern transport lines, enhancing the efficiency of freight and passenger transport, reducing travel time, and improving the quality of services in the railway sector.
The World Bank emphasized that this project will assist Iraq in revitalizing both domestic and international trade, creating new job opportunities, and supporting the Iraqi government’s plans to diversify the economy and reduce dependence on oil as the main source of national income.
In Syria, the World Bank approved financing of USD 146 million to support the government’s efforts to restore electricity supply and improve access to energy across various regions. This comes in light of the extensive damage sustained by the country’s electrical infrastructure due to the ongoing conflict, which has resulted in severe electricity shortages and a decline in related public services.
As for Lebanon, the World Bank approved financing of USD 250 million to support reconstruction efforts at a time when the country is still grappling with the consequences of unprecedented economic and financial crises that have impacted all sectors, including public services, healthcare, education, and infrastructure.
The World Bank indicated that these financings are part of a broader framework supporting sustainable development projects and enhancing the resilience of economies affected by conflicts and crises in the Middle East. It stressed the importance of improving infrastructure and increasing the efficiency of basic services to ensure community stability and to strengthen pathways for economic and social recovery in these countries.
