Friday, July 13, 2007
World Bank opens a branch in Iraq
Finance
(Al Sumaria) - The World Bank opened a branch in Baghdad. This step was backed by the International Monetary Fund, USA and Britain. The World Bank Officials in Iraq will exert efforts in order to organize economic workshops in collaboration with the government. These workshops will be aiming to help the government to use its resources in the profit of the people.
Labels: IMF, Iraq, World Bank
Tuesday, May 22, 2007
New Iraq Director for World Bank named
(IPS) - The World Bank has just appointed a new country head for Iraq despite security and corruption concerns, according to a leaked document. The news emerged just days after outgoing World Bank President Paul Wolfowitz promised not make any major new appointments at the institution.
The Government Accountability Project, a Washington-based watchdog group, released an email it says it obtained from sources inside the Bank showing Daniela Gressani, vice president for the Middle East and North Africa Region, making the announcement. "I am pleased to announce the appointment of Mr. Simon Stolp as Country Manager, Iraq," said Gressani in her email, a copy of which was seen by IPS. A World Bank official in the Middle East department who wished to remain unidentified confirmed the news to IPS.
Stolp, an Australian national, worked previously in Iraq as a consultant for the U.S. Department of Defence where he supported changes in the Iraqi electricity sector. In 2005, he was awarded the Joint Civilian Service Award by the Pentagon, which is granted to civilians who demonstrate high service "supporting the U.S. military". A report issued in December by a seven-member panel of Bank experts who interviewed candidates for the job in Iraq said that after meeting Stolp, "the panel left uncomfortable as to whether he could become a credible, substantive (as compared to procedural) representative of Bank with Iraqi and Donor counterparts, on account of his weak analytical background, and lack of knowledge about the Bank."
The panel added: "Compared with candidates on other CM [Country Manager] short lists (e.g. Lebanon), Mr. Stolp would not place in the top third." The Bank has not had a major presence inside Iraq since a bombing on Aug. 19, 2003 claimed the lives of Bank staffer Alya Sousa and 21 U.N. employees at the U.N. headquarters in Baghdad. Since then, the Bank's operational work in Iraq has relied on regular meetings with Iraqis outside of Iraq and use of the Bank's videoconferencing facilities in Baghdad.
The World Bank runs its operation through the Bank's Interim Office for Iraq, which is based in Amman, Jordan. The office employs Iraqis for operations inside the country. The new appointment, which has not yet been formally announced by the Bank, appears to confirm what many analysts have long suspected about Wolfowitz's relentless attempts to move the Bank back into Iraq -- and to boost U.S. policy there -- despite internal opposition and the continuing high security risk.
Labels: Daniela Gressani, Government Accountability Project, Paul Wolfowitz, Simon Stolp, World Bank
Thursday, April 26, 2007
Italians sign US$ 40 mn contract with Kurdistan to supply electricity
Reconstruction, Kurdistan
(VOI) - Iraq's Kurdistan’s Ministry of Electricity on Wednesday signed a contract with the Italian company ELC, guaranteeing consultations about the restoration of the Darbendikhan and Doukan dams, which supply the Kurdistan region with electricity. "Kurdistan region's Minister of Electricity Hoshyar Siwaily signed a contract with representatives of ELC, an Italian company, to obtain consultations for the restoration of the Darbendikhan and Doukan dams," the ministry announced in a statement that the independent news agency Voices of Iraq (VOI) obtained a copy of. According to the statement, the restoration work will cost around U.S. $40 million, funded by the World Bank. The Darbendikhan and Doukan dams are two of the most ancient dams in the city, built across the Lesser Zab and Sirwan rivers in Sulaymaniya in the 1950s and 1960s to supply the region with electricity.
Labels: Darbendikhan dam, Doukan dam, ELC, Hoshyar Siwaily, Italy Kurdistan electricity, Sulaymaniyah, World Bank
Wednesday, April 18, 2007
World Bank signs $124 mn credit agreement with Iraq
Finance, Reconstruction, Electricity
(The World Bank Group) - The World Bank, represented by Daniela Gressani, Regional Vice president, Middle East and North Africa, and the Government of Iraq, represented by Minister of Finance Baker Solagh Jabr Al-Zubiedi, signed a credit agreement today to finance the Emergency Electricity Reconstruction Project. The credit amount is US$124 million.
The project's objective is to restore the base load generating capacity of Units 2 and 3 of the Hartha Power Station to 400 MW. The project will also help lay the groundwork for improved power system planning by building the capacity of the Ministry of Electricity to prepare, implement, and operate current and future projects.
The project was approved on March 29, 2007 by the World Bank’s Board of Executive Directors. The overall project cost is estimated at US$150 million. The World Bank's credit of US$124 million is on standard IDA (International Development Association) terms with no interest, 35-year maturity, a 10-year grace period, and 0.75 percent service charge. The credit is accompanied by counterpart financing from the Government of Iraq of US$20 million and through parallel funding of US$6 from the World Bank-administered Iraq Trust Fund on grant terms.
The project's objective is to restore the base load generating capacity of Units 2 and 3 of the Hartha Power Station to 400 MW. The project will also help lay the groundwork for improved power system planning by building the capacity of the Ministry of Electricity to prepare, implement, and operate current and future projects.
The project was approved on March 29, 2007 by the World Bank’s Board of Executive Directors. The overall project cost is estimated at US$150 million. The World Bank's credit of US$124 million is on standard IDA (International Development Association) terms with no interest, 35-year maturity, a 10-year grace period, and 0.75 percent service charge. The credit is accompanied by counterpart financing from the Government of Iraq of US$20 million and through parallel funding of US$6 from the World Bank-administered Iraq Trust Fund on grant terms.
Labels: Baker Solagh Jabr Al-Zubiedi, Daniela Gressani, Emergency Electricity Reconstruction Project, Hartha power station, World Bank
Thursday, April 05, 2007
Iraq negotiates $500 million loan from World Bank
International, Economy
(AFP) - Iraq is negotiating a 500-million-dollar loan from the World Bank to help reconstruct its war-torn economy, the prime minister's office said on Thursday. A statement from Nuri al-Maliki's office said the cabinet had authorised Finance Minister Bayan Jabr Solagh to sign the loan agreement.
"The council of ministers decided in an extraordinary session on March 29 to authorise the finance minister to negotiate and sign a loan agreement with the World Bank worth 500 million dollars," the statement said. It provided no further details.
The World Bank has remained active in Iraq but closed its permanent office in the country after one of its employees was killed in a truck bombing at the UN complex in Baghdad in August 2003. The bank has given loans to Iraq since the 2003 US-led invasion, mainly for improving the country's dilapidated educational institutions.
"The council of ministers decided in an extraordinary session on March 29 to authorise the finance minister to negotiate and sign a loan agreement with the World Bank worth 500 million dollars," the statement said. It provided no further details.
The World Bank has remained active in Iraq but closed its permanent office in the country after one of its employees was killed in a truck bombing at the UN complex in Baghdad in August 2003. The bank has given loans to Iraq since the 2003 US-led invasion, mainly for improving the country's dilapidated educational institutions.
Labels: Finance Minister Bayan Jabr Solagh, loan, World Bank
Friday, March 30, 2007
World Bank loans Iraq $124 million for power plant
Finance
(Reuters) - The World Bank on Thursday approved $124 million in credit for an electricity reconstruction project in Iraq. The project aims to increase generating capacity at the Hartha power station in the southern Iraqi city of Basra, the World Bank said in a statement. ‘The project will double the output of the Hartha power station from 400 megawatts to 800 megawatts, providing additional generating capacity to the national grid and benefiting household and industrial consumers,’ Tjaadra Storm van Leeuwen, the project’s Task Team Leader said.
The total cost of the project is estimated at $150 million. The bank approved an additional $6 million from a donor fund administered by the World Bank and the Iraqi government is contributing $20 million, the statement said. This is the second power rehabilitation project in Iraq to be funded by the World Bank. The lender approved $40 million in credit in December 2006 for the repair of two hydroelectric power stations in the semi-autonomous Kurdistan region in northern Iraq.
The total cost of the project is estimated at $150 million. The bank approved an additional $6 million from a donor fund administered by the World Bank and the Iraqi government is contributing $20 million, the statement said. This is the second power rehabilitation project in Iraq to be funded by the World Bank. The lender approved $40 million in credit in December 2006 for the repair of two hydroelectric power stations in the semi-autonomous Kurdistan region in northern Iraq.
Labels: Basra, Hartha power station, reconstruction, Tjaadra Storm van Leeuwen, World Bank
Saturday, March 17, 2007
Price of oil derivatives rises by 15 per cent
Economy
(VOI) – The oil ministry announced an "official" increase in the prices of oil derivatives as of Friday as prescribed by the World Bank in return for writing off Iraq's remaining debts, a ministry spokesman said. The increase "came after the last meeting between the Iraqi delegation led by Oil Minister Hussein al-Shahrestani and the World Bank on reducing Iraq's debts," Aasem Jihad told the independent news agency Voices of Iraq (VOI) on Friday by telephone.
The World Bank "proposed equalizing prices of oil derivatives to international levels (750-800 Iraqi dinars per liter of fuel) in return for slashing debts by 80 percent," he said. The current price for a liter of fuel in Iraq is 250 dinars." The Iraqi delegation, however, insisted that the country's economy and the citizens cannot stand such an increase and managed to convince the World Bank (officials) to have no more than 15 percent increase in prices," added Jihad.
Labels: Hussain al-Shahristani, oil derivatives, World Bank
Tuesday, February 13, 2007
World Bank to support electricity sector in Iraq
Reconstruction
(Voices of Iraq) The Iraqi government said on Monday the world Bank adopted a program to support the electricity sector in Iraq. "Iraq's Prime Minister Nouri al-Maliki discussed in a meeting with the World Bank director, currently on a visit to Baghdad, the necessary means for the Bank to support Iraq in view of the international pact with Iraq," a Prime Minister's office said in a statement received by the independent news agency Voices of Iraq (VOI).
The statement added "the arrangements to activate a $500 million loan to Iraq were also dealt with in the meeting." The World bank also adopted a program to support the electricity sector in Iraq, the statement said. The statement added "the Iraqi Prime Minister appreciated the stands by the World Bank and other international organizations that contributed to lend support to Iraq."
The statement added "the arrangements to activate a $500 million loan to Iraq were also dealt with in the meeting." The World bank also adopted a program to support the electricity sector in Iraq, the statement said. The statement added "the Iraqi Prime Minister appreciated the stands by the World Bank and other international organizations that contributed to lend support to Iraq."
Labels: electricity, Iraq, World Bank
