It will initially send $2bn to KRG and will send more later, said KRG Finance Counsellor
ERBIL — World Bank has agreed to send financial aid to the Kurdistan Region in collaboration with the United Nations.
An official from Kurdistan Regional Government (KRG) stated that they had previously presented a compelling report to the World Bank, explaining the current financial situation KRG is undergoing despite the huge number of IDPs and refugees, estimated to be over a 1.5 million now being settled in Kurdistan Region.
The UN Secretary General, Ban Ki-moon, accompanied by Jim Yong Kim, the President of the World Bank Group and Ahmed Mohamed Al-Madani, the President of the Islamic Development Bank, previously visited KRG on March 26, and discussed the latest developments in the war against the Islamic State (IS) as well as the current financial crisis faced by Erbil.
The UN and World Bank have been convinced that KRG is in need of financial aid since it has sheltered about 1.5 million refugees and IDPs despite being effectively at the forefront of battling terrorism, said the KRG finance counsellor.
Hakeem Mukhtar said that the World Bank has agreed to financially aid KRG and will initially send $2bn through Baghdad if possible or open an office in Erbil in order to accomplish the delivery.
The financial assistance from the World Bank to KRG is not yet known either if it is a loan or a grant.
The World Bank, which is part of the United Nations system, was established in 1944, headquartered in Washington, D.C.
It is a vital source of financial and technical assistance to developing countries around the world, working to reduce poverty and support development. The World Bank Group comprises five institutions managed by their member countries.