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World Bank approves $400 million to Iraq

The World Bank in October approved $400 million in additional funding to help rebuild liberated areas. The new funding will focus on rebuilding in five sectors – water and sanitation, electricity, health, transport and municipal services.

The funds will also help with the restoration and preservation of cultural heritage sites in Mosul’s Old City, which was heavily damaged by fighting. Iraqi forces liberated Mosul in July.

In 2014 when this Iraqi government came to office, Iraq’s non-oil revenue stood at 2.1% of GDP. The incoming government prioritised diversifying and growing non-oil revenue and as a result, Iraq increased its non-oil revenues to 4.1% of GDP in 2016.