Iraq and the World Bank
Iraq has been a member of the World Bank since December 27, 1945.[1][non-primary source needed] Today, the World Bank focuses on projects in Iraq that will support Iraq's government in stabilizing the nation's economy, supporting good governance, and improving the daily lives of Iraqis.[2][non-primary source needed] The World Bank notes that the biggest factor influencing the Iraqi economy is its dependence on Iraq's oil industry, which accounts for 42% of the country's GDP[2]. Due to this, Iraq's economy suffered during the COVID-19 pandemic and has been slowly recovering since.[2] In August of 2021, the World Bank released an updated Country Partnership Framework for fiscal years 22-26, outlining how it will expand on its original commitments to stabilize the Iraqi economy and government and improve lives as well as contribute to supporting Iraq's post-pandemic recovery.[3][non-primary source needed] The World Bank has also made public the Iraq Human Development Public Expenditure Review Report, a report that provides policy recommendations for how Iraq can improve its Human Capital Index, which is among the lowest in the world and the second lowest in the Middle East and North Africa.[4][non-primary source needed]
Notable Recent Projects
The World Bank, in recent years, has been working to undo the turmoil brought to Iraq as a result of the 2003 Iraq War as well as the rise of and subsequent war on ISIS that occurred within the nation's borders.[5][non-primary source needed] This included a $350 million loan in 2015 and a $400 million loan in 2017. In 2015 and 2016, the World Bank granted Iraq $1.2 billion and $1.44 billion Development Policy Financing loans.[5] These loans were granted with the intent to accomplish better management of public finances, improvement of energy supply, and increased transparency regarding state-owned entities.[6][5][non-primary source needed]
Created with funds from Germany, Canada, Sweden, and the United Kingdom, the Iraq Reform, Recovery, and Reconstruction Fund (I3RF) supports 31 projects that aim to quicken the pace of recovery in Iraq as well as support sustainable efforts by the Government of Iraq (GoI) to improve political systems and dialogues in the country.[7][5][non-primary source needed] Projects in all three of the I3RF’s main pillars have seen progress and results, though preliminary. And, the I3RF has had to take on increased mitigation efforts to reduce negative impact from the COVID-19 pandemic, which has also slowed progress.[7][non-primary source needed] The I3RF has also funded 78 policy recommendations that have been provided to the GoI, according to the World Bank's most recent report; all members of the I3RF continue to view it with importance.[7][non-primary source needed]
Other projects that have been sponsored by the World Bank in Iraq include several infrastructure projects as well as some projects targeting Iraqi youth, communities, and individuals. The $350 million Transport Corridors Project, beginning in 2014 and concluding in June of 2023, aimed to improve road safety and connectivity as well as the capacity of the GoI to repair and maintain roads in the future.[8][non-primary source needed] Beginning in 2018, with a projected closing date of 2026, the $210 million Baghdad Water and Sewerage Improvement Project works towards creating space for private investment in urban water management as well as supporting management efforts and access to clean water and effective wastewater management systems.[9][non-primary source needed] The Basra Electricity Dissemination and Development Project, lasting from 2019-2024 and costing $200 million, will focus on the access to and reliability of electricity within Iraq's Basra Governorate as well as supporting private sector investment and measures that will support the ability of the GoI to maintain and develop electrical services further.[10][5][non-primary source needed]
The World Bank also has two projects working on services provided directly to the Iraqi people. The Social Fund for Development, costing $300 million over the course of 2022-2024, aims to improve Iraqis' access to basic public services and employment by creating subprojects.[5][11][non-primary source needed] Finally, the World Bank supported a $2.75 million project, Promoting the Inclusion of Conflict-Affected Iraqi Youth, targeted to conflict-affected youth ages 15-29. The project supported entrepreneurial grants as well as youth-led community activities from 2017-2022 to reduce the exclusionary social and economic impact of conflict on this demographic.[12][non-primary source needed]
References
- ↑ "Member Countries". World Bank. Retrieved 2023-07-28.
- ↑ 2.0 2.1 2.2 "Overview". World Bank. Retrieved 2023-07-28.
- ↑ "Overview". World Bank. Retrieved 2023-07-28.
- ↑ "Addressing the Human Capital Crisis : A Public Expenditure Review for Human Development Sectors in Iraq". World Bank. Retrieved 2023-07-28.
- ↑ 5.0 5.1 5.2 5.3 5.4 5.5 "Overview". World Bank. Retrieved 2023-07-28.
- ↑ "Development Projects : IRAQ EMERGENCY FISCAL STABILIZATION, ENERGY SUSTAINABILITY, & SOEs DPF - P155962". World Bank. Retrieved 2023-07-28.
- ↑ 7.0 7.1 7.2 “IRAQ REFORM, RECOVERY AND RECONSTRUCTION TRUST FUND ANNUAL PROGRESS REPORT TO DEVELOPMENT PARTNERS 2022.” Documents & reports - all documents | The World Bank, January 31, 2022. https://documents1.worldbank.org/curated/en/099517402012366844/pdf/IDU0824b08a70680c04a6809ca106f0eb84d0c6b.pdf.
- ↑ "Development Projects : Transport Corridors Project - P131550". World Bank. Retrieved 2023-07-28.
- ↑ "Development Projects : Baghdad Water Supply and Sewerage Improvement Project - P162094". World Bank. Retrieved 2023-07-28.
- ↑ "Development Projects : IQ: Basra Electricity Dissemination and Development Project (EDDP) - P162454". World Bank. Retrieved 2023-07-28.
- ↑ "Development Projects : Iraq Social Fund for Development - P163108". World Bank. Retrieved 2023-07-28.
- ↑ "Development Projects : Promoting the Inclusion of Conflict-Affected Iraqi Youth - P161654". World Bank. Retrieved 2023-07-28.
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