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World Bank lending to Iraq to begin reconstruction
July 12, 2015
It signed the Iraqi Finance Ministry on Sunday loan agreement with the World Bank $ 350 million, to finance the reconstruction of emergency operations in areas where authorities recovered from the organization of the Islamic state in the north and west.
Said Finance Minister Hoshyar Zebari that about one-third of this amount will be allocated to repair roads and bridges, and another third will go to repair electricity and water and sanitation networks.
Zebari said during the signing ceremony in Baghdad that "this is the first direct tangible support to the efforts of reconstruction and stability which led the government to bring life back to normal in the liberated areas."
Minister of Finance explained that the loan will be repaid in 15 years, interest rate of 1% and allow a period of five years, and that the loan is part of a loan that the World Bank decided to grant Iraq $ 1.7 billion.
Zebari stressed that his country also got commitments from the United States and the European Union and Japan to provide for a government fund dedicated financial support for reconstruction, as well as a separate pledges from European countries for the same purpose.
It is expected Iraq deficit of about 25 billion dollars this year in the General budget amounting to $ 100 billion. The country is planning to issue bonds at five billion dollars to cover part of this deficit, as the Iraqi Minister of Finance said he hoped the meeting with investors at the end of July to view the current plans on issuing bonds.
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July 12, 2015
It signed the Iraqi Finance Ministry on Sunday loan agreement with the World Bank $ 350 million, to finance the reconstruction of emergency operations in areas where authorities recovered from the organization of the Islamic state in the north and west.
Said Finance Minister Hoshyar Zebari that about one-third of this amount will be allocated to repair roads and bridges, and another third will go to repair electricity and water and sanitation networks.
Zebari said during the signing ceremony in Baghdad that "this is the first direct tangible support to the efforts of reconstruction and stability which led the government to bring life back to normal in the liberated areas."
Minister of Finance explained that the loan will be repaid in 15 years, interest rate of 1% and allow a period of five years, and that the loan is part of a loan that the World Bank decided to grant Iraq $ 1.7 billion.
Zebari stressed that his country also got commitments from the United States and the European Union and Japan to provide for a government fund dedicated financial support for reconstruction, as well as a separate pledges from European countries for the same purpose.
It is expected Iraq deficit of about 25 billion dollars this year in the General budget amounting to $ 100 billion. The country is planning to issue bonds at five billion dollars to cover part of this deficit, as the Iraqi Minister of Finance said he hoped the meeting with investors at the end of July to view the current plans on issuing bonds.
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