Sunday, February 14, 2021 9:26 PM
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National News Center / private
Today, Sunday, the World Bank revealed the size of its portfolio in Iraq, and the bureau of the latter’s liability.
The representative of the World Bank in Iraq, Ramzi Numan, said in a statement to the “National News Center”, that “the white paper prepared by the Iraqi government to address the real economic crises is an ambitious paper within the framework of a short, medium and long-term plan to confront economic crises and their scheduling and dealt from 15 to 16. A different sector, ”indicating that“ international institutions, including the World Bank and the European Union, are working to provide support, be it political or economic. ”
He added, “The World Bank is awaiting draft reforms, which are a technical translation of the white paper and a set of projects and steps that we are waiting to see soon.”
And Naaman indicated that “Iraq is a middle-income country and therefore all the contributions that it gets from the World Bank are loans, and these loans must be disbursed appropriately,” indicating that “these loans come to finance priorities that the Iraqi government in its previous and current stages had requested funding from the World Bank. Noting that these priorities, submissions and projects disbursed by the World Bank are projects that are based on the experiences of large countries and are based on best experiences that are based on documentation and based on data, but are formulated according to Iraqi data and taking into account the Iraqi environment and the existing Iraqi capabilities.
He continued: “We have a financial portfolio of approximately two billion dollars, which is present and existing in Iraq, where it is interested in reconstruction projects for liberated areas, and its value is 750 million dollars. This was signed more than two years ago and is under implementation, and there is also a project with the Baghdad Municipality for Water and Wastewater. It exists and is being implemented and its value is 200 million dollars. ”
He pointed out that “there is also an electricity project in Basra that is being implemented and its value is 200 million dollars,” stressing that “what was mentioned are samples of existing projects within the portfolio, and these are loans that Iraq requested from the World Bank, and formulated in the form of projects.”
He explained that “the financial portfolio of the bank in Iraq amounts to two billion dollars, and its interest is very simple if compared to other banks. There are banks that give money with interest rates of 8% or 10%, while the World Bank has an interest of about 1%, in addition to its long-term repayment.”
And that “the aim of these procedures is to facilitate the matter of repayment to countries, as well as to build projects and reach the main goal to build their capabilities because each loan has an important technical component to build capacity and support countries to continue improving and developing their services.”