The World Bank declared that they have plans to lend $900 million to Iraq over coming four years under a plan designed to help out the country create new jobs and build up stronger and better institutions.
The loans are a part of an economic strategy for the oil-producing country, which was on the discussion session on Wednesday (19th December, 2012) by the lender’s board of directors, the bank expressed via an e-mailed statement.
As a conflict-affected state, Iraq remains delicate, and its economy is controlled by a large public sector due to a inheritance of centralization, the Washington-based bank said. Proper management of Iraq’s huge oil funds and human resources, coupled with a favorable and proficient investment situation, will be the key to comprehensive growth and job creation.
Iraq is revitalizing its energy industry nine years after the US-led attack that toppled Saddan Hussein, with the maximum oil output in this year since 1998. The plan accepted on 19th December, which was conceived with the Iraqi government, will help out the country manage its reserves more well-organized and diversify its economy, according to the bank.