World Bank approves over $1bn for projects in Iraq, Syria and Lebanon
The biggest amount went to Iraq, where the World Bank approved $930 million (€798 million) to help improve the country's railway infrastructure, boost domestic trade, create jobs and diversify the economy.
The World Bank said the Iraq Railways Extension and Modernisation Project will improve services and increase freight capacity between the Umm Qasr Port on the Persian gulf in southern Iraq to the northern city of Mosul.
"As Iraq shifts from reconstruction to development, enhanced trade and connectivity can stimulate growth, create jobs, and reduce oil dependency," said Jean-Christophe Carret, director of the World Bank's Middle East division.
The World Bank also approved a $146 million (€125 million) grant for Syria to help restore reliable, affordable electricity and support the country's economic recovery.
It said the Syria Electricity Emergency Project will rehabilitate damaged transmission lines and transformer substations.
Last month Syria signed an agreement with a consortium of Qatari, Turkish and US companies for the development of a 5,000-megawatt energy project to revitalise much of its war-battered electricity grid.
For Lebanon, which is recovering from the 14-month war between Hezbollah and Israel, the World Bank approved $250 million (€214 million) to support the most urgent repair and reconstruction of damaged critical public infrastructure and lifeline services.
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