Has been established the World Bank in 1944, Iraq was one of the founding Members of the bank said the number of members to 184 at present, the Bank is working to assist the Governments of poor nations in reducing the numbers of poor people through the provision of funding and technical expertise needed in the building of schools, roads, and reform of government services only much through the five institutions comprising :
International Bank for Reconstruction and Development : The provision of loans for low - and middle-income countries benefit significantly less than the interest charged by commercial banks on lending.
International Foundation for Development : The provision of grants and interest-free loans to the poorest countries so that the major component of the grant.
International Investment Guarantee Agency : working to encourage foreign investment in developing countries by providing guarantees to foreign investors against non-commercial risks such as war, political unrest and natural disasters.
International Center for the settlement of international disputes on investment : The settlement of disputes in the field of investment between governments and foreign investors from the private sector.
After the definition of World Bank institutions must be stopped on the most important activities undertaken by the reconstruction of Iraq, as follows :
- In mid-2003 helped the World Bank with other international institutions to prepare a study for the basic needs of rebuilding Iraq and the determination of the amounts required by the international community grants contribute to the reconstruction of Iraq on the basis of which has been estimated grants and soft loans to the extent 33 billion.
- The World Bank contributed to manage part of the grants provided by donors to Iraq since the establishment of a fund to finance the reconstruction of Iraq funds consist of grants from donor nations and to develop mechanisms for the fund, Having reached the funds deposited in this fund about $ 454 million contributed by 17 donors including the European Union, Japan, Britain, Spain and Australia.
- Has been allocated funds to implement these 9 projects were signed grant agreements between the World Bank and the Iraqi ministries recipient follows :
40 million dollars for the printing of textbooks - the Ministry of Education.
$ 60 million for the rehabilitation of schools - Ministry of Education.
$ 25 million for the rehabilitation of the health sector - the Ministry of Health.
$ 65 million for water and sewage project in Baghdad - the Baghdad.
$ 90 million for water and sewage sector in the provinces-the Ministry of Municipalities.
$ 55 million private sector development - the Ministries of Planning and Communications.
$ 20 million for infrastructure in rural areas - The Ministry of Water Resources.
$ 10 million for capacity-building (training).
- The World Bank, through the International Foundation for the Development of a soft loan to Iraq of $ 500 million. The term loan of 40 years including a grace period of 10 years without the benefits of financing projects in the areas of education, roads and bridges, health and electricity.
From the foregoing, we find that the World Bank will contribute effectively to the reconstruction of Iraq, but the important thing that must be mentioned is that the mechanisms of the World Bank in funding and implementation of projects require a long time based on the terms and conditions approved general have, Additionally, the security situation in Iraq would lead to a delay in implementation of the largest and does not expect tangible results in the near future, we may find this explanation of Iraqi citizens that he heard a lot about projects, but not seen, very little. (Source)AlSabah