World Bank Lends Iraq USD 350 M for Recovery

World | July 13, 2015, Monday // 11:55
Bulgaria: World Bank Lends Iraq USD 350 M for Recovery Iraqis walk past a house destroyed by an Iraqi airforce bombing in the Nairiyah district, eastern Baghdad, Iraq, 6 July 2015. Photo: EPA/BGNES

Iraq will be receiving a USD 350 M bank loan in order to deal with the most urgent damages done to cities controlled by Islamic State.

The agreement has been signed between the Iraqi government and the World Bank.

This is the first international aid package that will help revive the affected regions. The majority of the funds will be utilized to recover road infrastructure, bridges, electricity, water supply as well as sewer systems.

In addition, the US, Japan, EU as well as separate European countries have also pledged support for Iraq. The country has been facing a massive budget deficit of USD 20 B.

The budget in Iraq suffered a severe decrease of income from petrol production and sales because of the price decrease on international markets. The situation was further aggravated after the huge expenses on account of the ISIS conflict.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

World » Be a reporter: Write and send your article
Tags: US, Japan, Iraq, World Bank, ISIS, Islamic state, Petrol, EU
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria