PROJECTS: Iraq, World Bank to form committee to track projects

Iraq to reduce external borrowings to cut debt

  
Image used for illustrative purpose. Vehicles move past a bridge under construction in central Baghdad, August 21, 2011.

Image used for illustrative purpose. Vehicles move past a bridge under construction in central Baghdad, August 21, 2011.

REUTERS/Mohammed Ameen

Iraq and World Bank will form a special committee to follow up on the implementation of projects financed by the Bank, and to develop mechanisms to speed up the completion of these projects, according to an official from the country’s planning ministry. 

Official spokesperson Abdul-Zahra Al-Hindawi told Zawya Projects that the joint committee will comprise of representatives from the Ministry, the World Bank and relevant authorities. 

He said the Minister of Planning, Khaled Battal Al-Najm also affirmed that Iraq would reduce external borrowings to mitigate the burden of loans on the national economy during a meeting with the representative of the World Bank in Iraq, Ramzi Numan. 

The meeting also included representatives of the ministries of finance, electricity, construction, housing, municipalities, transport, water resources, agriculture, as well as the Baghdad Municipality and the Reconstruction Fund for liberated areas 

The Minister, the spokesperson said, assured the World Bank official that no project would be included or approved by his ministry without meeting the basic requirement of feasibility study.  

Al-Hindawi added that the meeting also discussed the challenges faced by World Bank-financed projects in the country including low implementation rates, and delays in completion.  

(Reporting by Majda Muhsen; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com

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