World Bank Lends Iraq USD 350 M for Recovery
- Tweet
Send to Kindle
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!
- » Fight in the Macedonian Parliament (VIDEO)
- » Day 125 of the Invasion of Ukraine: At least 18 Dead after Russians Hit a Mall in Kremenchuk
- » The G7 will Oppose China with Investments
- » NATO to Increase its Rapid Reaction Force and will Double its Military in Eastern Europe
- » Day 124 of the Invasion of Ukraine: Battle of Lysychansk Continues, Zelensky wants More Weapons
- » Default: For the First Time in a Century, Russia has Not Repaid its Government Debt in Foreign Currency
