Latest news with #Carret
Iraqi News
30-06-2025
- Business
- Iraqi News
Iraq's economy to grow by 4.1% in 2025
Baghdad ( – The International Monetary Fund (IMF) projected on Sunday that Iraq will rank fourth among Arab oil-producing countries in terms of economic growth in 2025. According to data revealed by the IMF, the Iraqi economy is expected to grow by 4.1 percent compared to 0.1 percent in 2024, Shafaq News reported. Libya will have the highest economic growth rate, at 13.7 percent, followed by the UAE at 5.1 percent, Saudi Arabia at 4.6 percent, and Algeria at four percent, according to the IMF. In early May, the IMF reduced its growth projections for Middle Eastern and North African oil-exporting countries, including Iraq and Saudi Arabia. The IMF lowered its 2025 projection for the region's oil exporters to 2.3 percent, which was 1.7 percentage points less than the fund's October prediction, according to the Financial Post. The World Bank expected in mid-June that the Iraqi economy would grow by 1.2 percent in 2025, rebounding from a contraction of -1.5 percent in 2024. According to a World Bank analysis, Iraq's economic growth is predicted to peak at 4.4 percent in 2026 before falling to 3.1 percent in 2027. The World Bank Country Director for the Middle East Department, Jean-Christophe Carret, confirmed in March the bank's commitment to helping Iraq meet its development objectives. With an emphasis on sustainable development, the World Bank places a high priority on strengthening Iraq's capacity to handle economic and development difficulties, according to Carret.
Al Etihad
25-06-2025
- Business
- Al Etihad
World Bank announces Lebanon, Syria reconstruction projects
25 June 2025 17:33 BEIRUT, LEBANON (AFP)The World Bank announced on Wednesday it had approved $250 million to support Lebanon's post-war reconstruction and a $146 million grant to rehabilitate neighbouring Syria's electricity sector."The World Bank Board of Executive Directors approved yesterday a US$250 million financing to Lebanon to support the most urgent repair and reconstruction of damaged critical public infrastructure and lifeline services, and the sustainable management of rubble in conflict-affected areas," it said in a bank had previously estimated the costs of post-war reconstruction and recovery in Lebanon at around $11 Carret, the World Bank Middle East Department's division director, said that "given Lebanon's large reconstruction needs, the (project) is structured as a $1 billion scalable framework with an initial $250 million contribution from the World Bank".Lebanese Prime Minister Nawaf Salam welcomed the decision, calling the project "a key step in reconstruction by responding to damage to critical infrastructure and essential services in war-affected areas"."This support strengthens recovery efforts within the state-led implementation framework and leverages much-needed additional financing," he said. Syria In a separate statement, the World Bank said it had approved a $146 million grant to Syria from the International Development Association "to help restore reliable, affordable electricity and support the country's economic recovery".The grant will finance the rehabilitation of high-voltage transmission lines and transformer substations damaged during the civil war, and the acquisition of spare parts and maintenance equipment, according to the statement."Among Syria's urgent reconstruction needs, rehabilitating the electricity sector has emerged as a critical, no-regret investment that can improve the living conditions of the Syrian people," Carret would also "support the return of refugees and the internally displaced, enable resumption of other services such as water services and healthcare for the population, and help kickstart economic recovery", he added."This project represents the first step in a planned increase in World Bank support to Syria on its path to recovery and development." The UN estimates Syria's reconstruction to cost over $400 billion.
UPI
25-06-2025
- Business
- UPI
World Bank to back critical projects in three Middle East countries
Security men work amid destruction in Al-Qa'im City of Anbar, Iraq in February of 2024. File Photo by Hashd al-Shaabi Media Office/UPI | License Photo June 25 (UPI) -- The World Bank on Wednesday announced a $1.3 billion investment in projects in Iraq, Lebanon and Syria. The costliest of the three projects will happen in Iraq, as the World Bank's Board of Executive Directors approved $930 million in financing to help improve the country's railways. "As Iraq shifts from reconstruction to development, enhanced trade and connectivity can stimulate growth, create jobs, and reduce oil dependency," said the World Bank's Middle East Division Director Jean-Christophe Carret of the Iraq Railways Extension and Modernization, or IREM, project, which is intended to improve railway services and infrastructure between the Umm Qasr Port in southern Iraq and Mosul in northern Iraq. IREM is expected to fix and improve about 650 miles of existing railway, improve the performance of the Iraqi Republic Railways, or IRR, reduce travel time and also allow for an increase in freight volumes, which should give rail users more in the way of reliable transport services. "The IREM project is vital for transforming Iraq into a regional transport hub and helping achieve the [Iraq Development Road's] goals of improved connectivity and economic diversification and growth," Carret added. The Iraq Development Road project, which was greenlit in 2023, is a regional railway that connects the Gulf region through Iraq to Turkey and then extends into Europe. Once enacted, by 2037 IREM should allow the IRR to carry millions of people and tons of freight through eight of Iraq's provinces and create nearly 22,000 jobs annually by 2040. For Syria, the World Bank's board has approved a $146 million grant to help restore reliable electricity and support the country's economic recovery via the Syria Electricity Emergency Project, or SEEP. SEEP is slated to pay for the rehabilitation of high voltage transmission lines that were damaged during years of conflict, as well as repair transformer substations in the areas that receive the highest number of refugees and displaced people while arranging for technical assistance and investment plans. "Electricity is a foundational investment for economic progress, service delivery and livelihoods," said Syrian Finance Minister Yisr Barnieh, who noted this project was the first for the World Bank in Syria in almost 40 years. "We hope it will lay the ground for a comprehensive and structured support program to help Syria on its path to recovery and long-term development," he added. According to the World Bank, damage to Syria's national grid currently limits electrical usage there to only between two and four hours daily. The World Bank Board of Executive Directors also approved $250 million in financing to support reconstruction and repair to Lebanon's infrastructure and emergency services. Conflict in Lebanon over the past two years has damaged buildings and infrastructure that are necessary to effectively serve in several of the nation's sectors, such as education, health care, energy, transportation and water. The World Bank's funding will go to the Lebanon Emergency Assistance Project, or LEAP, which is intended to address reconstruction and recovery as quickly as possible. Director Carret says LEAP "offers a credible vehicle for development partners to align their support, alongside continued progress on the government's reform agenda, and maximize collective impact in support of Lebanon's recovery and long-term reconstruction."
Zawya
10-04-2025
- Business
- Zawya
Jordan, World Bank deepen partnership for private sector-led growth
AMMAN — The World Bank Group has approved $1.1 billion in new financing to support Jordan to achieve results on its Economic Modernisation Vision (EMV), and build socio-economic resilience in the face of continued shocks and crises. Investments span four projects aimed to positively impact people's lives by promoting reforms for inclusive growth and job creation, supporting startups and small and medium enterprises, expanding social assistance, and promoting a more sustainable energy future to fuel Jordan's economy, according to a World Bank statement. 'Jordan continues to demonstrate commitment to advancing critical reforms to build a more competitive, inclusive, and resilient economy,' Jean-Christophe Carret, World Bank Division Director, Middle East Department, was quoted in the statement as saying. 'These new programmes reflect a comprehensive approach, supporting private sector-led investment, entrepreneurship, social protection, and energy transition, which is critical to achieving sustainable growth,' Carret added. Since the launch of the EMV, the Kingdom has taken steps to modernise its economy, promote innovation, strengthen fiscal sustainability, and expand social protection. With a focus on inclusion and digitalisation, the government is working to unlock private sector potential and deliver tangible improvements in people's lives across the country. The newly approved projects mark a 'significant' milestone in the implementation of the World Bank Group's Country Partnership Framework for Jordan 2024-2029, reflecting a results-driven partnership that combines reforms with strategic investments. 'This new financing reflects our continued partnership with the World Bank to promote economic opportunities, enhance social protection, and strengthen Jordan's innovation and clean energy agenda as per the development priorities under the Economic Modernization Vision,' said Minister of Planning and International Cooperation Zeina Toukan. The Jordan Growth and Competitiveness Development Policy Financing ($400 million) will support the government's efforts to unlock investment, boost exports, and strengthen job creation - particularly for youth and women. The programme backs reforms to improve the business environment, promote fair competition, expand access to finance and further enhance customs procedures. The Innovative Startups and SMEs Fund (ISSF 2.0) ($50 million), aims to expand early-stage equity financing and catalyse private investment in high-growth startups in key sectors such as ICT, fintech, greentech, and healthtech. Building on ISSF 1.0, which mobilised over $240 million in private capital and created more than 2,290 jobs, the project will also draw on IFC's expertise in due diligence and co-investments in startups and regional venture capital funds. Over five years, ISSF 2.0 is expected to mobilise an estimated $150 million in private capital, support 100 startups and create 1,500 new jobs in high-growth sectors, particularly for women- and youth-led businesses. The Resilient and Sustainable Social Protection Programme ($400 million) aims to strengthen Jordan's ability to respond to shocks, while improving support to the most vulnerable. The programme expands cash-based assistance, enhances digital service delivery, and links social protection with access to education and healthcare services, and jobs. It aims to support 1.2 million vulnerable individuals through cash transfers, provide health insurance to 150,000 people and deliver services to 1 million individuals through early warning and response systems. The Additional Financing for the Electricity Sector Efficiency and Supply Reliability Programme ($250 million) scales up support to Jordan's clean energy transition while improving grid stability and financial sustainability. The programme will roll out additional cost savings and revenue enhancement measures in the sector, expand energy efficiency in public institutions and strengthen cybersecurity in transmission operations. The programme also supports the Kingdom's target of increasing the share of renewable energy in Jordan's electricity mix to 31 per cent by 2030, while enhancing grid resilience. The World Bank's 'growing' engagement in Jordan reflects a 'trusted and evolving' partnership anchored in shared priorities and a 'strong' commitment to delivery. Through integrated, multi-sectoral support, the World Bank aims to support Jordan as it navigates regional pressures, promotes inclusive development and delivers on the promise of the country's EMV. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
09-04-2025
- Business
- Jordan Times
Jordan, World Bank deepen partnership for private sector-led growth
AMMAN — The World Bank Group has approved $1.1 billion in new financing to support Jordan to achieve results on its Economic Modernisation Vision (EMV), and build socio-economic resilience in the face of continued shocks and crises. Investments span four projects aimed to positively impact people's lives by promoting reforms for inclusive growth and job creation, supporting startups and small and medium enterprises, expanding social assistance, and promoting a more sustainable energy future to fuel Jordan's economy, according to a World Bank statement. 'Jordan continues to demonstrate commitment to advancing critical reforms to build a more competitive, inclusive, and resilient economy,' Jean-Christophe Carret, World Bank Division Director, Middle East Department, was quoted in the statement as saying. 'These new programmes reflect a comprehensive approach, supporting private sector-led investment, entrepreneurship, social protection, and energy transition, which is critical to achieving sustainable growth,' Carret added. Since the launch of the EMV, the Kingdom has taken steps to modernise its economy, promote innovation, strengthen fiscal sustainability, and expand social protection. With a focus on inclusion and digitalisation, the government is working to unlock private sector potential and deliver tangible improvements in people's lives across the country. The newly approved projects mark a 'significant' milestone in the implementation of the World Bank Group's Country Partnership Framework for Jordan 2024-2029, reflecting a results-driven partnership that combines reforms with strategic investments. 'This new financing reflects our continued partnership with the World Bank to promote economic opportunities, enhance social protection, and strengthen Jordan's innovation and clean energy agenda as per the development priorities under the Economic Modernization Vision,' said Minister of Planning and International Cooperation Zeina Toukan. The Jordan Growth and Competitiveness Development Policy Financing ($400 million) will support the government's efforts to unlock investment, boost exports, and strengthen job creation - particularly for youth and women. The programme backs reforms to improve the business environment, promote fair competition, expand access to finance and further enhance customs procedures. The Innovative Startups and SMEs Fund (ISSF 2.0) ($50 million), aims to expand early-stage equity financing and catalyse private investment in high-growth startups in key sectors such as ICT, fintech, greentech, and healthtech. Building on ISSF 1.0, which mobilised over $240 million in private capital and created more than 2,290 jobs, the project will also draw on IFC's expertise in due diligence and co-investments in startups and regional venture capital funds. Over five years, ISSF 2.0 is expected to mobilise an estimated $150 million in private capital, support 100 startups and create 1,500 new jobs in high-growth sectors, particularly for women- and youth-led businesses. The Resilient and Sustainable Social Protection Programme ($400 million) aims to strengthen Jordan's ability to respond to shocks, while improving support to the most vulnerable. The programme expands cash-based assistance, enhances digital service delivery, and links social protection with access to education and healthcare services, and jobs. It aims to support 1.2 million vulnerable individuals through cash transfers, provide health insurance to 150,000 people and deliver services to 1 million individuals through early warning and response systems. The Additional Financing for the Electricity Sector Efficiency and Supply Reliability Programme ($250 million) scales up support to Jordan's clean energy transition while improving grid stability and financial sustainability. The programme will roll out additional cost savings and revenue enhancement measures in the sector, expand energy efficiency in public institutions and strengthen cybersecurity in transmission operations. The programme also supports the Kingdom's target of increasing the share of renewable energy in Jordan's electricity mix to 31 per cent by 2030, while enhancing grid resilience. The World Bank's 'growing' engagement in Jordan reflects a 'trusted and evolving' partnership anchored in shared priorities and a 'strong' commitment to delivery. Through integrated, multi-sectoral support, the World Bank aims to support Jordan as it navigates regional pressures, promotes inclusive development and delivers on the promise of the country's EMV.
