World Bank to assist Iraq with $38 billion;
Joseph Saba, the bank's point man on Iraq, said the figure was based on recent studies carried out by the bank, adding that despite continuing difficulties he expected the effort to get underway soon.
He predicted that actual work would begin over the next "six to eight months" and be carried out over several phases, with the bulk of the money being used in the initial phase.
He could not say, however, how long he expected the work to continue.
"We cannot set a clear time table for the entire reconstruction plan," he said.
"Nobody can say definitively."
The bank had identified four main priorities or areas it wanted to focus on in the near future, including education, infrastructure and social projects.
$38 bill to Iraq. Extended credit to Kyrgyzstan, Tajikistan. $97 million for social and economic reforms in Bosnia and Herzegovina. Who is this World Bank?
Conceived during World War II at Bretton Woods, New Hampshire, the World Bank initially helped rebuild Europe after the war. Its first loan of $250 million was to France in 1947 for post-war reconstruction. Reconstruction has remained an important focus of the Bank's work, given the natural disasters, humanitarian emergencies, and postآconflict rehabilitation needs that affect developing and transition economies.
Well, yes, given the worlds current political climate i imagine reconstruction would continue to be an important focus of the bank's work. It's to be hoped the bank has enough funds. Although, the bank does seem to have come by some sort of fortuitous windfall lately.