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World Bank Plans $900 Million Iraq Loan Over Four Years

Dec. 18 (Bloomberg) -- The World Bank said it is planning to lend $900 million to Iraq over the next four years under a plan designed to help the country create jobs and build stronger institutions.

The loans are part of an economic strategy for the oil-producing country that was discussed today by the lender’s board of directors, the bank said in an e-mailed statement.

“As a conflict-affected state, Iraq remains fragile, and its economy is dominated by a large public sector due to a legacy of centralization,” the Washington-based bank said. “Proper management of Iraq’s vast oil wealth and human resources, coupled with a conducive and efficient investment climate, will be key to inclusive growth and job creation.”

Iraq is reviving its energy industry nine years after the U.S.-led invasion that toppled Saddam Hussein, with oil production increasing the most this year since 1998. The plan adopted today, which was conceived with the Iraqi government, will help the country manage its resources more efficiently and diversify its economy, according to the bank.

To contact the reporter on this story: Sandrine Rastello in Paris at srastello@bloomberg.net

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net.

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