Latest news with #Jean-ChristopheCarret
Iraqi News
30-06-2025
- Business
- Iraqi News
Iraq's economy to grow by 4.1% in 2025
Baghdad ( – The International Monetary Fund (IMF) projected on Sunday that Iraq will rank fourth among Arab oil-producing countries in terms of economic growth in 2025. According to data revealed by the IMF, the Iraqi economy is expected to grow by 4.1 percent compared to 0.1 percent in 2024, Shafaq News reported. Libya will have the highest economic growth rate, at 13.7 percent, followed by the UAE at 5.1 percent, Saudi Arabia at 4.6 percent, and Algeria at four percent, according to the IMF. In early May, the IMF reduced its growth projections for Middle Eastern and North African oil-exporting countries, including Iraq and Saudi Arabia. The IMF lowered its 2025 projection for the region's oil exporters to 2.3 percent, which was 1.7 percentage points less than the fund's October prediction, according to the Financial Post. The World Bank expected in mid-June that the Iraqi economy would grow by 1.2 percent in 2025, rebounding from a contraction of -1.5 percent in 2024. According to a World Bank analysis, Iraq's economic growth is predicted to peak at 4.4 percent in 2026 before falling to 3.1 percent in 2027. The World Bank Country Director for the Middle East Department, Jean-Christophe Carret, confirmed in March the bank's commitment to helping Iraq meet its development objectives. With an emphasis on sustainable development, the World Bank places a high priority on strengthening Iraq's capacity to handle economic and development difficulties, according to Carret.
Business Recorder
26-06-2025
- Business
- Business Recorder
World Bank announces Lebanon, Syria reconstruction projects
BEIRUT: The World Bank announced on Wednesday it had approved $250 million to support Lebanon's post-war reconstruction and a $146 million grant to rehabilitate neighbouring Syria's electricity sector. Lebanon is reeling from last year's devastating war between Israel and Iran-backed Hezbollah, while Syria faces massive needs after Islamist-led forces toppled longtime ruler Bashar al-Assad in December, capping a 14-year civil war. '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. The bank had previously estimated the costs of post-war reconstruction and recovery in Lebanon at around $11 billion. 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 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. In a separate statement, the World Bank said it had approved a $146 million grant to Syria from the International Development Association 'to help restore reliable, affordable electricity and support the country's economic recovery'. The grant will finance the rehabilitation of high-voltage transmission lines and transformer substations damaged during the civil war, and the acquisition of spare parts and maintenance equipment, according to the statement.
Euronews
25-06-2025
- Business
- Euronews
World Bank approves over $1bn for projects in Iraq, Syria and Lebanon
The World Bank said on Wednesday that it has approved over $1 billion (€860 million) for infrastructure and reconstruction projects in Iraq, Syria and Lebanon. The biggest amount went to Iraq, where the World Bank approved $930 million (€798 million) to help improve the country's railway infrastructure, boost domestic trade, create jobs and diversify the economy. The World Bank said the Iraq Railways Extension and Modernisation Project will improve services and increase freight capacity between the Umm Qasr Port on the Persian gulf in southern Iraq to the northern city of Mosul. "As Iraq shifts from reconstruction to development, enhanced trade and connectivity can stimulate growth, create jobs, and reduce oil dependency," said Jean-Christophe Carret, director of the World Bank's Middle East division. The World Bank also approved a $146 million (€125 million) grant for Syria to help restore reliable, affordable electricity and support the country's economic recovery. It said the Syria Electricity Emergency Project will rehabilitate damaged transmission lines and transformer substations. Last month Syria signed an agreement with a consortium of Qatari, Turkish and US companies for the development of a 5,000-megawatt energy project to revitalise much of its war-battered electricity grid. For Lebanon, which is recovering from the 14-month war between Hezbollah and Israel, the World Bank approved $250 million (€214 million) to support the most urgent repair and reconstruction of damaged critical public infrastructure and lifeline services.
Iraqi News
25-06-2025
- Business
- Iraqi News
World Bank approves $930M loan to modernize Iraq's key railway
Baghdad ( – The World Bank's Board of Executive Directors has approved $930 million in financing for the Iraq Railway Expansion and Modernization Project (IREM), a landmark initiative aimed at revitalizing the country's critical north-south rail corridor. The project is seen as a foundational step in Iraq's broader ambition to become a pivotal regional transport hub. This investment will focus on rehabilitating and upgrading 1,047 kilometers of existing railway lines that connect the nation's primary seaport at Umm Qasr in the south to Mosul in the north, via the capital, Baghdad. The goal is to enhance performance, boost domestic trade, create substantial employment, and help diversify Iraq's economy away from its heavy reliance on oil. The IREM project is strategically aligned with Iraq's ambitious Development Road (IDR) initiative, which was announced in May 2023. The IDR aims to transform Iraq into a crucial transit center linking the Gulf to Turkey and onwards to Europe. Officials recognize that before this grand vision can be realized, the backbone of the existing national rail network—which has suffered from decades of neglected maintenance and underfunding—must be rebuilt. 'As Iraq transitions from reconstruction to development, enhanced trade and connectivity can spur growth, create jobs, and reduce oil dependence,' said Jean-Christophe Carret, World Bank Middle East Director. 'The Iraq Railway Expansion and Modernization Project is vital for transforming Iraq into a regional transport hub and helps achieve the Development Road's goals of improved connectivity, economic diversification, and growth.' The $930 million financing will fund a comprehensive overhaul of the railway sector. Beyond modernizing the tracks themselves, the project will address the aging fleet of locomotives and rolling stock, renovate the key Baiji maintenance workshop, and provide essential equipment and spare parts. A crucial component is the enhancement of private sector participation in the creation of modern dry ports and logistics centers along the route, which will generate high-skill, sustainable jobs. The project will also implement a comprehensive safety management system, upgrade infrastructure and crossings, and provide extensive training for the staff of Iraqi Republic Railways (IRR), with a specific focus on supporting the participation of women in the sector. To ensure swift and effective implementation, an international firm will be contracted to manage the project's capital expenditure and help build IRR's capacity to handle large-scale infrastructure programs. The projected outcomes of the IREM project are transformative. By 2037, the rehabilitated line is expected to transport 2.85 million passengers annually, along with 6.3 million tons of domestic freight and 1.1 million tons of import/export cargo. This shift of freight from road to rail will significantly reduce damage to Iraq's highways and lower annual road maintenance costs. On the employment front, the project will create over 3,000 full-time construction jobs for seven years and, once operational, is projected to support approximately 21,900 jobs annually by 2040, marking a major boost for the national economy. By revitalizing this critical artery, Iraq is not just rebuilding a railway; it is laying the tracks for a more connected, diversified, and prosperous future.
Iraq Business
25-06-2025
- Business
- Iraq Business
World Bank Approves $930m for Iraq Railway Upgrade
By John Lee. The World Bank approved on Wednesday a US$930 million [approx. IQD 1.2 trillion] loan for Iraq to modernise its railway network, strengthen domestic and regional trade, and support economic diversification. The Iraq Railways Extension and Modernization (IREM) Project will upgrade the 1,047-km railway line connecting Umm Qasr Port in the south to Mosul in the north, via Baghdad. The project will enhance travel efficiency, freight capacity, and access to sustainable transport infrastructure. It also supports Iraq's broader ambition to become a regional logistics hub through the Iraq Development Road (IDR), which aims to link the Gulf with Europe via Turkey. Jean-Christophe Carret, World Bank Middle East Division Director, said the IREM project is a key step in Iraq's shift "from reconstruction to development," helping reduce oil dependency by promoting trade and creating jobs. Key project components include: Rehabilitation of critical rail infrastructure; Modernisation of ageing locomotives and rolling stock; Upgrades to the Baiji maintenance workshop; Development of dry ports and logistics hubs to attract private investment; Implementation of a Safety Management System and infrastructure safety improvements; Technical assistance and training for Iraqi Republic Railways (IRR) personnel, with a focus on including women; Community engagement through a participatory planning and monitoring process. The project is overseen by the Ministry of Transport and implemented by IRR, with support from an international firm acting as Capital Expenditure (CAPEX) management agent. By 2037, the upgraded railway is projected to handle 6.3 million tons of domestic freight, 1.1 million tons of imports/exports, and 2.85 million passengers. The line will serve eight governorates, impacting around 17 million Iraqis. It is also expected to reduce road maintenance costs by shifting cargo from trucks to rail. The IREM project is anticipated to generate over 3,000 full-time construction jobs over seven years, and support 21,900 jobs annually by 2040 through expanded operations and logistics development. Full statement from the World Bank: Iraq: New US$930 Million Project to Extend and Modernize Railways, Promote Regional Connectivity and Boost Growth The World Bank Board of Executive Directors approved yesterday a US$930 million financing to help improve Iraq's railway performance, boost domestic trade, create jobs, and diversify the economy. The Iraq Railways Extension and Modernization (IREM) Project will upgrade the railway infrastructure and services between Umm Qasr Port in southern Iraq and Mosul in northern Iraq reducing travel time, increasing freight volumes and providing users with improved access to sustainable transport infrastructure and services. The Middle East is witnessing a resurgence in regional railways, bolstering trade routes within the region and with Asia and Europe to enhance connectivity and drive regional economic growth. Among these regional initiatives is the Iraq Development Road (IDR) announced in May 2023 that aims to transform Iraq into a pivotal transport hub by connecting the Gulf region through Iraq to the Turkish border, extending into Europe. Once connectivity is enhanced with existing ports and infrastructure, the IDR can significantly increase trade within Iraq and within the region. With Iraq's rail sector suffering from limited connectivity, disrepair and underfunding, investments in Iraq's existing railway network are an essential first step towards enhancing both national and regional connectivity. "As Iraq shifts from reconstruction to development, enhanced trade and connectivity can stimulate growth, create jobs, and reduce oil dependency," said Jean-Christophe Carret, World Bank Middle East Division Director. "The IREM project is vital for transforming Iraq into a regional transport hub and helping achieve the IDR's goals of improved connectivity and economic diversification and growth." The IREM project will rehabilitate and modernize 1,047 km of existing railways linking Umm Qasr Port to Mosul through Baghdad. The Project will also address the aging fleet of locomotives and rolling stock, refurbish the Baiji maintenance workshop, and procure necessary equipment and spare parts. Project activities will also promote private capital participation in the establishment of dry ports and logistics hubs with the generation of high-skill and sustainable jobs. The IREM project will enhance railway safety through a comprehensive Safety Management System, infrastructure upgrades, level crossing improvements, community awareness campaigns, emergency preparedness, and staff training. The Project will also include technical assistance to improve the institutional and corporate performance of the Iraqi Republic Railways (IRR), developing a Railway Sector Reform Action Plan, and identifying opportunities for private sector involvement. Furthermore, the Project will provide training for the IRR staff and support women's participation in the rail sector. The project will be implemented by the IRR under the oversight of the Ministry of Transport. To ensure successful and prompt implementation, an internationally recruited firm will also be hired under the project to act as a Capital Expenditure (CAPEX) management agent with a mandate to support the IRR in building institutional capacity to manage large CAPEX programs and manage the implementation of the Project contract packages. Project implementation will also prioritize meaningful citizen and community engagement and will establish a community-led planning and monitoring process through which citizens and communities will get regular progress updates and provide feedback on implementation concerns. By 2037, the revived railway line is expected to carry 6.3 million tons of domestic freight, 1.1 million tons of exports/imports, and 2.85 million passengers, including bulk commodities (such as grains or construction materials) and containerized commodities (such as industrial and consumer goods). The railway will traverse eight of Iraq's governorates, enhancing integration within federal Iraq, benefiting approximately 17 million people. The shift from trucks to trains will substantially decrease damage to roads and lower their annual maintenance costs. The Project will create over 3,000 full-time construction jobs for seven years. Once railway operations commence and the sector expands, the Project is expected to create 21,900 jobs annually by the year 2040. (Source: World Bank)
