Iraq: World Bank pledges $900 million
The World Bank has pledged $900 million to Iraq.
The money will be used to boost employment in the country, along with funding projects to increase social inclusion and build stronger institutions.
According to the World Bank, the new strategy is designed to empower Iraq lead the projects.
“Iraq is opening a new chapter in its long and deep history,” said Ferid Belhaj, World Bank Country Director for Iraq, Syria, Iran, Lebanon and Jordan.
The Iraqi economy is still heavily state-centric, with the government controlling the vast majority of the lucrative oil wells, which are producing gallons at record levels.
The oil industry provides 95 percent of the country’s revenue streams, but there are disputes between Baghdad and the semi-autonomous Kurdish region as to where the wealth should go. Officially, Baghdad takes the lion's share of the profits.
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