The World Bank has said it approved over $1 billion for infrastructure and reconstruction projects in Iraq, Syria and Lebanon.
The biggest amount went to Iraq, where the World Bank approved $930 million to help improve the country’s railway infrastructure, boost domestic trade, create jobs and diversify the economy on Wednesday.
The World Bank said the Iraq Railways Extension and Modernisation Project will improve services and increase freight capacity between the Umm Qasr Port on the Persian Gulf in southern Iraq to the northern city of Mosul.
“As Iraq shifts from reconstruction to development, enhanced trade and connectivity can stimulate growth, create jobs, and reduce oil dependency," said Jean-Christophe Carret, director of the World Bank's Middle East division.
For Lebanon, which is recovering from 14 months of Israeli attacks during the conflict with Hezbollah, the World Bank approved $250 million to support urgent repairs and the reconstruction of critical public infrastructure and essential services.
The World Bank also approved for war-torn Syria a $146 million grant to help restore reliable, affordable electricity and support the country’s economic recovery.
It said the Syria Electricity Emergency Project will rehabilitate damaged transmission lines and transformer substations.
Last month, Syria signed an agreement with a consortium of Qatari, Turkish and US companies for the development of a 5,000-megawatt energy project to revitalise much of its war-battered electricity grid.
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Source: TRT