The World Bank pledged $900 million to Iraq over the next four years to help it create jobs, build stronger institutions and improve social inclusion, the global development lender said in a statement on Tuesday.
With its oil output expected to continue to rise, Iraq has become the World Bank’s target for financial contribution.
Deputy head of Iraq’s Central Bank said last week that the World Bank asked Iraq to become a donor state by 2014.But with the myriad challenges facing a country ravaged by years of war, Iraq is likely still far from being able to help others.
The World Bank’s financial arm International Finance Corp (IFC) plans to increase its investments in Yemen, Iraq and North Africa next year to help support development and job creation, a senior IFC executive said.
“MENA needs to create 50-70 million jobs in the next decade. Recent events in the MENA region have created the urgency to address the fundamental conditions required to revive growth and support human development,” Dimitris Tsitsiragos, the IFC’s vice president for Europe, Middle East and North Africa, said in an interview on Monday.