Iraq receives the largest share of funding, with $930 million.
The World Bank approves more than $1.3 billion in financing for Iraq, Syria, and Lebanon.
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The World Bank's Board of Executive Directors announced its approval of a new financing package exceeding $1.3 billion, earmarked to support vital development projects in Iraq, Syria, and Lebanon, aimed at strengthening infrastructure and improving basic services. Iraq received the largest share of the financing, amounting to $930 million, to fund the "Iraq Railways Expansion and Modernization Project (IREM)," which aims to develop the railway transport network between the port of Umm Qasr in the south and the city of Mosul in the north. The project seeks to reduce travel time, increase shipping efficiency, and improve the quality of transport services, contributing to supporting trade, providing job opportunities, and diversifying the Iraqi economy. In Syria, the World Bank approved $146 million in funding, dedicated to supporting efforts to restore electricity supply and improve access to energy in light of the challenges facing the country's electricity sector. As for Lebanon, it received $250 million in funding to contribute to reconstruction efforts, at a time when the country is still facing the repercussions of severe economic and financial crises. These funds are part of a broader trend by the World Bank to promote sustainable development and support basic infrastructure in Middle Eastern countries affected by conflicts and economic crises.
