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UPI
5 days ago
- Business
- UPI
World Bank to back critical projects in three Middle East countries
Security men work amid destruction in Al-Qa'im City of Anbar, Iraq in February of 2024. File Photo by Hashd al-Shaabi Media Office/UPI | License Photo June 25 (UPI) -- The World Bank on Wednesday announced a $1.3 billion investment in projects in Iraq, Lebanon and Syria. The costliest of the three projects will happen in Iraq, as the World Bank's Board of Executive Directors approved $930 million in financing to help improve the country's railways. "As Iraq shifts from reconstruction to development, enhanced trade and connectivity can stimulate growth, create jobs, and reduce oil dependency," said the World Bank's Middle East Division Director Jean-Christophe Carret of the Iraq Railways Extension and Modernization, or IREM, project, which is intended to improve railway services and infrastructure between the Umm Qasr Port in southern Iraq and Mosul in northern Iraq. IREM is expected to fix and improve about 650 miles of existing railway, improve the performance of the Iraqi Republic Railways, or IRR, reduce travel time and also allow for an increase in freight volumes, which should give rail users more in the way of reliable transport services. "The IREM project is vital for transforming Iraq into a regional transport hub and helping achieve the [Iraq Development Road's] goals of improved connectivity and economic diversification and growth," Carret added. The Iraq Development Road project, which was greenlit in 2023, is a regional railway that connects the Gulf region through Iraq to Turkey and then extends into Europe. Once enacted, by 2037 IREM should allow the IRR to carry millions of people and tons of freight through eight of Iraq's provinces and create nearly 22,000 jobs annually by 2040. For Syria, the World Bank's board has approved a $146 million grant to help restore reliable electricity and support the country's economic recovery via the Syria Electricity Emergency Project, or SEEP. SEEP is slated to pay for the rehabilitation of high voltage transmission lines that were damaged during years of conflict, as well as repair transformer substations in the areas that receive the highest number of refugees and displaced people while arranging for technical assistance and investment plans. "Electricity is a foundational investment for economic progress, service delivery and livelihoods," said Syrian Finance Minister Yisr Barnieh, who noted this project was the first for the World Bank in Syria in almost 40 years. "We hope it will lay the ground for a comprehensive and structured support program to help Syria on its path to recovery and long-term development," he added. According to the World Bank, damage to Syria's national grid currently limits electrical usage there to only between two and four hours daily. The World Bank Board of Executive Directors also approved $250 million in financing to support reconstruction and repair to Lebanon's infrastructure and emergency services. Conflict in Lebanon over the past two years has damaged buildings and infrastructure that are necessary to effectively serve in several of the nation's sectors, such as education, health care, energy, transportation and water. The World Bank's funding will go to the Lebanon Emergency Assistance Project, or LEAP, which is intended to address reconstruction and recovery as quickly as possible. Director Carret says LEAP "offers a credible vehicle for development partners to align their support, alongside continued progress on the government's reform agenda, and maximize collective impact in support of Lebanon's recovery and long-term reconstruction."
Al-Ahram Weekly
5 days ago
- Business
- Al-Ahram Weekly
World Bank announces $250 mln for Lebanon reconstruction - Region
The World Bank announced on Wednesday it had approved a $250 million project to support Lebanon's reconstruction and recovery following last year's devastating war between Israel and Iran-backed Hezbollah. The bank had previously estimated reconstruction and recovery to cost around $11 billion. "The World Bank Board of Executive Directors approved yesterday a US$250 million financing to Lebanon to support the most urgent repair and reconstruction of damaged critical public infrastructure and lifeline services, and the sustainable management of rubble in conflict-affected areas," it said in a statement. Jean-Christophe Carret, the World Bank Middle East Department's division director, said that "given Lebanon's large reconstruction needs, the (project) is structured as a $1 billion scalable framework with an initial $250 million contribution from the World Bank". Lebanese Prime Minister Nawaf Salam welcomed the decision, calling the project "a key step in reconstruction by responding to damage to critical infrastructure and essential services in war-affected areas". "This support strengthens recovery efforts within the state-led implementation framework and leverages much-needed additional financing," he said. More than a year of hostilities between the Lebanese group Hezbollah and Israel, including a full-blown war that began in September, ended with a ceasefire agreement in late November. The conflict caused massive destruction across Lebanon, particularly in Hezbollah strongholds in the country's south and east and in Beirut's southern suburbs, and further exacerbated economic woes caused by an economic crisis that started in 2019. Reconstruction remains one of the greatest challenges facing Lebanon's government, with Beirut seeking foreign aid to finance the post-war recovery. Follow us on: Facebook Instagram Whatsapp Short link:
What's On
21-06-2025
- Automotive
- What's On
Public transport: Dubai to get 637 eco-friendly buses
Dubai's Road and Transport Authority (RTA) recently announced that its adding to its fleet of buses and have ordered 637 public buses to grace the roads of Dubai. The buses are worth a large Dhs1.1 billion and are sure to assist in the development of public transport around the city. The buses are scheduled for delivery in 2025 and 2026 and there will be various types including 40 electric ones. The announcement was shared after four major agreements were made and, H.E. Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors at RTA, witnessed the signing at UITP Global Public Transport Summit. RTA also signed a Memorandum of Understanding with the Chinese company BYD, to pilot the operation of an electric bus equipped with the latest technologies and battery systems offered by the company. The trial will take place in Dubai over a period that includes the summer season. The buses will meet the European 'Euro 6' low-emission standards, highlighting the RTA's commitment to support Dubai's sustainability goals and aiming to have a 100% electric and hydrogen-powered public bus fleet by 2050. شهد معالي مطر الطاير المدير العام ورئيس مجلس المديرين في هيئة الطرق والمواصلات، على هامش مشاركة الهيئة في أعمال القمة العالمية للمواصلات العامة، توقيع أربع اتفاقيات توريد 637 حافلة متعددة الأحجام، مطابقة للمواصفات الأوروبية الخاصة بالانبعاثات الكربونية المنخفضة، 'يورو 6″، بينها… — RTA (@rta_dubai) June 19, 2025 RTA recently announced a bus pooling service for Dubai commuters. The service offers door-to-door service at affordable prices tailored to your daily routine, and delivered by fully licensed and RTA-regulated operators. The initiatives by RTA are mainly focused on improving the traffic flow around the city and making commuters lives easier. There are 40 places in Dubai to be improved over the summer as schools close and people jet off around the world. Image: Archive > Sign up for FREE to get exclusive updates that you are interested in
Yemen Online
19-06-2025
- Business
- Yemen Online
World Bank Approves US$30 Million to Support Financial Inclusion and Education in Yemen
The World Bank's Board of Executive Directors approved US$30 million in new grants to Yemen to help strengthen digital financial infrastructure and sustain access to basic education for children in most disadvantaged areas. The financing supports two new operations that aim to improve access to critical services while bolstering institutional resilience. The first grant of US$20 million will finance the Yemen Financial Market Infrastructure and Inclusion Project, implemented by the United Nations Development Programme (UNDP). The second, a US$10 million grant, will support the Sustaining Education and Learning Project, implemented by the United Nations Children's Fund (UNICEF). More than a decade into the conflict, Yemen remains one of the most fragile and poorest countries in the world. The crisis has deeply disrupted the provision of public services, fragmented institutions, and contributed to the erosion of human capital. Today, more than 60 percent of households report inadequate food consumption, and access to quality education and formal financial services remains limited, particularly for women and rural populations. The World Bank's support to Yemen prioritizes the delivery of essential services while building the foundations for medium-term recovery. 'These new operations reflect our continued commitment to supporting the people of Yemen in meeting their most urgent needs,' said Dina Abu-Ghaida, World Bank Group Country Manager for Yemen. 'By investing in core -infrastructure that enable children to stay in school and families to access financial services, we aim to preserve human capital and support more inclusive, resilient service delivery.' The Yemen Financial Market Infrastructure and Inclusion Project will support the development of digital payments systems, including a Fast Payment System and a Real Time Gross Settlement System under the Central Bank in Aden. The project will promote interoperability among financial institutions, strengthen compliance with anti-money laundering regulations, and expand access points for digital financial services in underserved areas. It will also enable the digitization of cash transfers, government payments, and remittances, which are critical sources of income for vulnerable households. The Sustaining Education and Learning Project will help keep schools open and functioning in targeted vulnerable districts by financing the rehabilitation of school infrastructure, construction of classrooms and Water, Sanitation, and Hygiene (WASH) facilities, and provision of school grants, managed by communities, to cover essential operational needs. The project will also strengthen education data systems and support local capacity to plan and monitor service delivery. It builds on lessons learned from previous operations and places a strong focus on improving girls' access to education in rural areas. These new operations are part of the World Bank's broader strategy to help sustain essential services, protect human capital, and strengthen institutions amid ongoing fragility. By investing in education and digital financial systems, the Bank is working with partners to expand opportunities, promote inclusion, and help communities navigate the path toward recovery and stability.
Gulf Today
25-05-2025
- Business
- Gulf Today
Dubai completes 70% of Umm Suqeim Street improvement project
Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors of Dubai's Roads and Transport Authority (RTA), announced the completion of 70% of Umm Suqeim Street Improvement Project, extending from the intersection with Al Khail Road to the intersection with Sheikh Mohammed Bin Zayed Road. The project is part of a master development plan for Umm Suqeim–Al Qudra corridor, which runs from Jumeirah Street to Emirates Road, spanning 16 km in total. It serves several residential and development areas with a population exceeding one million residents. Al Tayer made these remarks during a site tour to inspect progress on the project, which is being implemented in line with the leadership's directives to enhance road infrastructure, and support Dubai's ongoing urban expansion and population growth, ultimately aiming to improve traffic flow and mobility across the city. During the tour, Al Tayer was briefed on the completed phases of Umm Suqeim Street Improvement Project, which spans 4.6 km from the intersection with Al Khail Road to the intersection with Sheikh Mohammed Bin Zayed Road. The works include the development of Umm Suqeim–Al Barsha South intersection, near Kings' School, featuring the construction of an 800-metre tunnel with four lanes in each direction along Umm Suqeim Street, in addition to a signalised surface-level intersection. Al Tayer added: 'Umm Suqeim–Al Qudra Corridor Improvement Project is one of RTA's key strategic transverse (east-west) traffic corridors, designed to enhance integration with vertical (north-south) road corridors. The project complements RTA's efforts to improve connectivity between four major arterial roads in Dubai: Sheikh Zayed Road, Al Khail Road, Sheikh Mohammed Bin Zayed Road, and Emirates Road. It is designed to increase the corridor's capacity to 16,000 vehicles per hour in both directions, improve traffic flow, and reduce travel time between Sheikh Mohammed Bin Zayed Road and Al Khail Road by 61% from 9.7 minutes to just 3.8 minutes. The corridor serves several major residential and development zones, including Al Barsha South 1, 2, and 3, Dubai Hills, Arjan, and Dubai Science Park, with a total population exceeding one million residents.' Smart Technology Al Tayer was also briefed on the deployment of smart technologies for monitoring road projects across the emirate. Drones are being utilised to capture and analyse project progress data, with artificial intelligence employed to track construction milestones and performance indicators. This integrated approach has enhanced operational efficiency on-site, accelerated decision-making processes, and enabled the provision of real-time, high-precision data. The adoption of these technologies has also resulted in 100% increase in field presence and 60% reduction in the time required for site surveys. In parallel, time-lapse imaging systems are being used to continuously monitor construction activities, contributing to 40% improvement in overall project monitoring efficiency. Completed Projects In 2013, RTA completed Phase I of Umm Suqeim Street Improvement Project, which covered the section between Sheikh Zayed Road and Al Khail Road. The works included the construction of two bridges, each featuring three lanes in both directions, the first crossing the eastern street parallel to Al Asayel Street, and the second crossing the western street parallel to First Al Khail Street. The project also included two signalised intersections at Umm Suqeim Street's junctions with Al Asayel Street and First Al Khail Street, along with three pedestrian bridges to facilitate safe crossing between Al Quoz and Al Barsha. In 2020, as part of the bridges and roads development project for Dubai Hills Mall, RTA opened a main bridge along Umm Suqeim Street at the intersection with the entrance to Dubai Hills and Al Barsha South. The 500-metre bridge has four lanes in each direction and a capacity of 16,000 vehicles per hour in both directions.
