BEIRUT (AP) On Wednesday, the World Bank announced its approval of over $1 billion for various infrastructure and reconstruction initiatives in Iraq, Syria, and Lebanon. This substantial financial support is aimed at addressing critical needs in these war-affected regions and facilitating their recovery and development.
The largest share of the funding, amounting to $930 million, has been allocated to Iraq. This investment focuses on improving the country's railway infrastructure, aimed at enhancing domestic trade, creating jobs, and diversifying the economy. The Iraq Railways Extension and Modernization Project is designed to modernize services and increase freight capacity along the railway line linking the Umm Qasr Port on the Persian Gulf in southern Iraq to the northern city of Mosul.
Jean-Christophe Carret, the director of the World Bank's Middle East division, emphasized the importance of this initiative, stating, "As Iraq shifts from reconstruction to development, enhanced trade and connectivity can stimulate growth, create jobs, and reduce oil dependency." This project represents a strategic shift in Iraq's economic focus as it moves away from reliance on oil revenue and towards a more diversified economy.
In Syria, the World Bank approved a grant of $146 million aimed at restoring reliable and affordable electricity, which is crucial for the country’s economic recovery. The Syria Electricity Emergency Project will rehabilitate damaged transmission lines and transformer substations, helping to improve the overall electrical infrastructure that has been severely compromised by ongoing conflict.
Additionally, in a significant move towards revitalizing its energy sector, Syria recently signed an agreement with a consortium of Qatari, Turkish, and U.S. companies. This collaboration aims to develop a substantial 5,000-megawatt energy project that seeks to restore and upgrade much of the country's war-torn electricity grid, further highlighting the need for international cooperation in rebuilding the nation.
For Lebanon, which is still in the process of recovering from the aftermath of the 14-month Israel-Hezbollah war, the World Bank has approved $250 million to address urgent repairs and reconstruction of critical public infrastructure and essential services. This funding is intended to facilitate the restoration of vital infrastructure necessary for the everyday functioning of the country in the wake of prolonged conflict and instability.
These financial commitments from the World Bank reflect an understanding of the interconnected challenges facing Iraq, Syria, and Lebanon, as they navigate the pathways towards recovery, rebuilding, and development. Significant investments in infrastructure not only aim to revitalize the economies of these nations but also contribute to enhancing the quality of life for their residents.
