BEIRUT — In a recent announcement, the World Bank confirmed its approval of over $1 billion in funding designated for infrastructure and reconstruction initiatives across Iraq, Syria, and Lebanon. These projects aim to leverage economic recovery and development in regions determined by the severe impacts of war and conflict.
Iraq is set to receive the most substantial portion of this funding, with $930 million earmarked for the enhancement of the nation’s railway infrastructure. This project aims to elevate domestic trade, stimulate job creation, and promote economic diversification. The World Bank’s endeavor, known as the Iraq Railways Extension and Modernization Project, seeks to optimize service efficiency and expand freight capacity along the route traversing from Umm Qasr Port situated on the Persian Gulf in southern Iraq to Mosul in the north.
“As Iraq transitions from a focus on reconstruction to broader development, increased trade and improved connectivity can significantly stimulate economic growth, generate employment opportunities, and reduce the country’s reliance on oil,” commented Jean-Christophe Carret, who heads the World Bank’s Middle East division.
The World Bank has also allocated $146 million in funding for Syria, which continues to grapple with the aftermath of prolonged conflict. This grant aims to ensure access to consistent and affordable electricity as part of Syria’s broader economic recovery. The Syria Electricity Emergency Project will concentrate on repairing damaged transmission lines and transformer substations to restore reliable power supply. Syria recently formed a partnership with a group of Qatari, Turkish, and U.S. companies to develop a 5,000-megawatt energy initiative, which intends to rejuvenate its war-ravaged electrical grid.
In Lebanon, which is gradually emerging from the repercussions of the prolonged conflict with Israel and Hezbollah over 14 months, the World Bank has approved $250 million. This funding is devoted to the necessary repairs and reconstruction of essential public infrastructure and services that were critically damaged during the conflict.