World Bank Approves $400 Million Funding In Rebuilding Iraq After The Recapture Of Most Areas From ISIS

The World Bank has approved $400 million in additional funding to help the rebuilding the essential services to Iraqi areas recaptured from ISIS militants following the recent gains by the 3-year-old military campaign against the terrorists.

The World Bank also said it would fund studies on how to involve the private sector in the reconstruction of Mosul’s airport and restore public transport terminals as well as parts of the railway network.

“The package represents an additional financing to the Iraq Emergency Operation for Development Project [$350 million] approved back in July 2015 and already underway in seven cities in Diyala and Salah Ad-Din governorates,” the World Bank said in a statement.

The funding would mainly focus on the rebuilding of five sectors; water and sanitation, electricity, health, transport, and municipal services in a grade scheme to restore normalcy in the areas. Additionally, it will restore and enable the preservation of the cultural heritage sites in Mosul’s Old City which were severely damaged.

Iraqi forces have mounted successful overruns against IS militants in most of the major cities. Iraqi government officials have estimated it will take at least five years and billions of dollars to rebuild Mosul.

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