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World Bank wants to go back to Iraq
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Free Market News Network - [4/28/2006]
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The president of the World Bank and former U.S. deputy defense secretary, Paul Wolfowitz, has announced that it is considering options to move its operations back into Iraq, according to the BBC. The World Bank moved its offices out of the ravaged country during the onset of the war in Iraq in 2003 after the Iraqi offices were bombed.
The Iraqi branch of the World Bank has been operating out of Jordan, however it is now seeking to take on a more active role in the country. It has offered to loan the new Iraqi government $500 million and is holding $400 million in funds that could be dispersed immediately. The loans have been earmarked to be spent on infrastructure and civil service projects such as schools and education materials.
The plan to move back into Iraq faces a number of challenges. Violence and instability make it risky, and the World Bank has already promised its employees that it would guarantee their safety. In addition, there are concerns that corruption and abuse may consume funds intended for investment.
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