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World Bank Announces $900 Million Iraq Plan

A worker adjusts a pipe at the Nassiriyah oil field, southeast of Baghdad.
The World Bank has announced a $900 million plan to help Iraqis create jobs, build stronger institutions, and better manage the country's resources.

In a statement on December 18, the international development-lending institution said the four-year plan was designed by the World Bank and the Iraqi government, in cooperation with local and regional governments, the private sector, civil society groups, academics, and donor organizations.

The statement said the strategy is aimed at assisting Iraq in “managing its own resources more efficiently and effectively” and promoting the diversification of the economy and private sector growth.

It said that as a “conflict-affected state,” Iraq “remains fragile” and “proper management" of its vast oil wealth and human resources, along with an improved investment climate, will be key to growth and job creation.
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