World Bank endorses power project in Iraq
14 February 2007 (Kuwait News Agency (KUNA))
World Bank (WB) Managing Director, Dr. Juan Jose Daboub arrived in the Iraqi capital Baghdad Monday and met with Iraqi Prime Minister Nouri Al-Maliki, a government statement said.
Both officials, alongside with Iraqi Finance Minister Baqer Jabr Al-Zubaidi and Al-Maliki's economic advisor Kamal Al-Basri held a meeting to discuss financial support presented by WB to Iraq, especially regarding the international accord and the USD 500-million loan the bank pledged, a statement issued by the premier's office said.
Iraq was and still is a prosperous country in its potentials and heritage, yet security and economic quandaries it currently living were the outcome of 30 years of deluded policies implemented by the prior dictatorial regime, which led to burden Iraq's shoulder with debts used to finance wars, Al-Maliki said. He also lauded WB and other international organizations' efforts to financially aid Iraq, especially during this rough phase.
WB accredited a program to endorse power sector in Iraq, conditioned that the Iraqi government should decompress its financial hold up on oil derivatives, in exchange for the loans.
World Bank endorses power project in Iraq | Iraq Updates