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World Bank Approves $1.4Bln Package to Support Iraq’s Economy

© AP Photo / Hadi MizbanAn aerial view of Tahrir Square in downtown Baghdad, Iraq
An aerial view of Tahrir Square in downtown Baghdad, Iraq - Sputnik International
The World Bank has approved nearly one-and-a-half billion dollars to support the economy of Iraq, the institution announced in a release.

WASHINGTON (Sputnik) — The new US $1.485 billion package is aimed at supporting reforms to improve public service delivery and transparency in Iraq, stimulate private sector growth and support job creation, according to the Tuesday's release.

World Bank Main Complex building - Sputnik International
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The World Bank pointed out that Iraq continues to face a large humanitarian crisis and ten million people remain in need of assistance.

The package includes guarantees from the governments of the United Kingdom in the amount of $371.8 million and Canada, in the amount of $72 million, which represent "a testament of strong international support to Iraq," the release added.

The World Bank also noted that that with Tuesday’s package, the support to Iraq reaches $3.4 billion.

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