The World Bank has said it's approved more than $1 billion in new funding to support rebuilding efforts and infrastructure development in Iraq, Syria, and Lebanon.
Iraq will receive the largest portion, with $930 million allocated to upgrade its railway system, improve trade routes, generate jobs and help shift the economy away from oil dependency.
The investment will support the Iraq Railways Extension and Modernisation Project, which is expected to boost freight transport between the southern Umm Qasr Port on the Persian Gulf and the northern city of Mosul.
“This transition from reconstruction to development can drive growth and job creation,” said Jean-Christophe Carret, the World Bank’s regional director for the Middle East.
In Syria, the Bank has approved a $146 million grant to restore electricity services through repairs to damaged transmission lines and substations. The announcement comes a month after Damascus signed a deal with companies from Qatar, Türkiye and the U.S. for a 5,000-megawatt energy project aimed at rebuilding the power grid.
Meanwhile, Lebanon—still recovering from its 14-month conflict with Israel—has been granted $250 million to rebuild essential infrastructure and restore basic public services.
The funds are part of the World Bank’s broader effort to support stability and recovery in a region struggling with the long-term effects of conflict and economic crisis.
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In recent months, the U.S. and Russia have engaged in crucial diplomatic talks, despite rising tensions over Ukraine, nuclear arms, and cybersecurity. What’s behind these meetings, and why do they matter?
U.S. President Donald Trump and his Russian counterpart Vladimir Putin are set to meet in Alaska, United States on 15th of August in a historical summit.
Russian President Vladimir Putin said on Thursday that the United States was making “genuine efforts” to end the conflict in Ukraine and indicated that Moscow and Washington might reach a nuclear arms agreement as part of a broader push to promote peace.
Eyewitness footage showed the moment a Ukrainian drone struck a residential building in the southern Russian city of Rostov-on-Don on Thursday.
Kyiv has received $1.5 billion in commitments from European partners to purchase U.S.-made weapons, Ukrainian President Volodymyr Zelensky said on Thursday. He hailed the NATO mechanism enabling the deal as one that “truly strengthens our defence.”
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