World Bank to provide $250m loan to Iraq

28 February 2010

The first of two $250m loans for Iraq has been approved by the World Bank to help plug a large financing gap caused by the sharp drop in global oil prices since 2008, Reuters has reported. The World Bank loan follows the approval by International Monetary Fund for $3.6bn in funding to help the country's economy with the slump in oil prices and political uncertainty in the lead-up to March 7 parliamentary elections. Iraq relies on oil exports for as much as 90% of its revenues, and lower oil prices mean it will not have enough resources to meet reconstruction needs.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.