$33.6m from World Bank for Coronavirus Outbreak

In response to the COVID-19 outbreak in Iraq, the World Bank has recently approved the re-allocation of U$33.6 million under the current Emergency Operation for Development Project (EODP-US$750 million) to support the Ministry of Health’s efforts in preventing, detecting, and responding to the COVID-19 pandemic.

This fast track emergency response comes in two phases. The World Bank initially mobilized US$7.8 million from resources that were immediately available under the EODP to help finance the supply of essential medical equipment and supplies and strengthen intensive care unit (ICU) capacity at public hospitals for improved COVID-19 case management.

Through cooperation with the United Nations Office for Project Services (UNOPS), ventilators, ICU beds, ECG machines, mobile X-ray machines and defibrillators will be delivered to designated sites in four to eight weeks.

In a follow-up step, the World Bank also approved the Government of Iraq’s request to re-allocate an additional US$25.8 million under the project to supply additional quantities of equipment and consumables and support the training of health workers and front-line responders on their use.  The expedited procurement procedures of UNOPS will ensure the timely delivery of medical supplies to the Ministry of Health.

“The pandemic is expected to particularly hit poor and vulnerable households. The World Bank stands ready to support Iraq’s efforts to contain the rapid spread of the virus and strengthen the capacity of the Ministry of Health to address the additional strain the pandemic poses on the Iraqi health system,” said Saroj Kumar Jha, World Bank Mashreq Regional Director.

The reallocation of funds does not affect the initial scope of the Emergency Operation for Development Project which aims to support Iraq in the reconstruction of damaged infrastructure and the restoration of public services delivery in targeted municipal areas. As a matter of fact, and through the procurement of goods, works and consulting services using World Bank’s procurement and financial management regulations, over 3 million people in five governorates liberated from ISIS are already benefiting from improved health services through the rehabilitation of damaged clinics and the supply of 14 mobile clinics and 82 ambulances, restored electricity connectivity by 35%, improved  key municipal services with the provision of purified drinking water and waste collection schemes, and restored access through the reconstruction of 400 km of roads and 25 critical bridges. The project is also contributing to promoting state/citizen trust-building and reconciliation through the training of 79 non-governmental organizations and over 1,000 young men and women on peaceful dialogue and reconciliation in their communities.

The Emergency Operation for Development Project was initially approved in July 2015 in the amount of US$350 million. An additional financing to the project in the amount of US$400 million was later on approved in October 2017 to allow the geographic scale-up of existing project activities to additional cities liberated from ISIS.

World Bank Group COVID-19 Response

The World Bank Group, one of the largest sources of funding and knowledge for developing countries, is taking broad, fast action to help developing countries strengthen their pandemic response. We are increasing disease surveillance, improving public health interventions, and helping the private sector continue to operate and sustain jobs. Over the next 15 months, we will be deploying up to $160 billion in financial support to help countries protect the poor and vulnerable, support businesses, and bolster economic recovery, including $50 billion of new IDA resources in grants or highly concessional terms.

(Source: World Bank)

IFC Invests in Hospital in Erbil

By John Lee.

IFC, a member of the World Bank Group, is investing over $26 million in a new 161-bed hospital in Erbil in the Kurdistan Region of Iraq.

The facility will increase the availability of quality healthcare services and help address gaps in the country’s healthcare infrastructure. The $92 million Seema Hospital project is expected to open its doors in 2021. In addition to providing core health services, it will be one of the city’s first private hospitals with oncology, radiotherapy, and burn units.

Treatment capacity in existing public and private healthcare facilities in Iraq is limited, with damages to the system estimated at $2.3 billion because of the conflict, according to a World Bank report. The hospital is owned by the Macrom Company for General Trading.

Yaseen Al Bazzaz, Chairman and Chief Executive Officer of Macrom Company for General Trading, said

“Since opening our first hospital in 2006, we have grown into a leading provider of specialized health care services … Hundreds of patients are traveling desperately to neighboring countries for their medical needs. This will change once Seema Hospital opens and provides top-notch healthcare solutions.”

IFC is also contributing technical expertise, advising on environmental and social best practices, and providing guidance on corporate governance. The project is part of the World Bank Group’s strategy in Iraq to develop social infrastructure. Seema Hospital also will be one of the first buildings in Iraq to be certified by IFC EDGE, a platform that helps to determine the most cost-effective options for designing green buildings.

Tomasz Telma, IFC’s Senior Director for Manufacturing, Agribusiness, and Services, said:

“Iraq is a priority country for IFC, and we are committed to supporting its economic growth and health infrastructure … Investing in quality hospitals helps improve care, especially where there is often limited access to effective secondary and tertiary facilities, and introduce expertise, technology, and best practices to these markets.”  

IFC has increased its investments in Iraq during the last decade. Its committed portfolio stands at about $254 million, up from $20 million in 2010.

As Iraq and other countries battle COVID-19, the World Bank Group, in response to the crisis, has announced $14 billion package of financing to help support  countries to strengthen health systems and improve disease surveillance worldwide.

(Source: IFC)

Tech Forum at the IBBC Dubai Conference

The Iraq Britain Business Council (IBBC) is delighted to be holding a Tech forum within the main Conference at Address Hotel in Dubai on December 8th.

Principal among the speakers are Mr Yassin Bhija of GE Healthcare and Mr Uwe Bork of Siemens Healthcare who are driving the healthtech panel – exploring the hot topic of ‘How best to Develop primary and general healthcare in Iraq.’

Iraq has structural and tactical issues in providing universal healthcare at all levels of delivery and in all locations and classes. The two leading healthcare companies will discuss how tech solutions in general can address the issue and how their particular capabilities contribute to the general provision of healthcare.

Following on the Education Tech panel, will be discussing ‘The importance of Digital literacy in Iraq’, led by Google’s Mr Martin Roeke, Dr Victoria Lindsay of the British Council and Mr Timothy Fisher CEO of Stirling Education.

The Forum is sponsored by Innovest Middle East, an investment company that invests in startups during their scaling up stage in key markets in the Middle East region. With representations in Lebanon, Dubai, KSA, and Iraq, Innovest Middle East has played a key role in driving the startup ecosystem through direct investments as well as through supporting incubation and acceleration platforms collaboration with governmental and international bodies. In Iraq, Innovest Middle East launched IRAQPRENEURS in 2018, in collaboration with the World Bank, Central Bank of Iraq and leading private organizations, which grew to become one of the leading nationwide entrepreneurship empowerment platform in Iraq.

Mr Bassam Falah, CEO of Innovest will be addressing the delegates on the progress in support of the Iraqi start up ecology.

More speakers are expected to confirm.

For more information and to register, please contact london@webuildiraq.org.

(Source: IBBC)

Tech Forum at the IBBC Dubai Conference

The Iraq Britain Business Council (IBBC) is delighted to be holding a Tech forum within the main Conference at Address Hotel in Dubai on December 8th.

Principal among the speakers are Mr Yassin Bhija of GE Healthcare and Mr Uwe Bork of Siemens Healthcare who are driving the healthtech panel – exploring the hot topic of ‘How best to Develop primary and general healthcare in Iraq.’

Iraq has structural and tactical issues in providing universal healthcare at all levels of delivery and in all locations and classes. The two leading healthcare companies will discuss how tech solutions in general can address the issue and how their particular capabilities contribute to the general provision of healthcare.

Following on the Education Tech panel, will be discussing ‘The importance of Digital literacy in Iraq’, led by Google’s Mr Martin Roeke, Dr Victoria Lindsay of the British Council and Mr Timothy Fisher CEO of Stirling Education.

The Forum is sponsored by Innovest Middle East, an investment company that invests in startups during their scaling up stage in key markets in the Middle East region. With representations in Lebanon, Dubai, KSA, and Iraq, Innovest Middle East has played a key role in driving the startup ecosystem through direct investments as well as through supporting incubation and acceleration platforms collaboration with governmental and international bodies. In Iraq, Innovest Middle East launched IRAQPRENEURS in 2018, in collaboration with the World Bank, Central Bank of Iraq and leading private organizations, which grew to become one of the leading nationwide entrepreneurship empowerment platform in Iraq.

Mr Bassam Falah, CEO of Innovest will be addressing the delegates on the progress in support of the Iraqi start up ecology.

More speakers are expected to confirm.

For more information and to register, please contact london@webuildiraq.org.

(Source: IBBC)

Conference: Find Out What’s Happening in Iraqi Business

From Peace to prosperity:

The Conference to find out what’s happening for Iraq business.

The Iraq Britain Business Council (IBBC) Autumn Conference in Dubai on December 8th is set against a backdrop of relative peace and security in Iraq, and the prospect of oil revenues surging through the economy is driving a wider range of business opportunities and a prospective 8% increase in GDP.

Peace is enabling the economy to diversify through the revenues that pay for a range of infrastructure projects. So this Autumn we are focusing on a range of sectors set to benefit from a stable Iraq: namely, Water, Transport and Logistics, Energy and Tech.

The recent protests have also spurred on Government reforms and incentives to drive employment, entrepreneurship and service diversity, and increase the volume of opportunity that lies ahead and the prospects for not just business-to-business but also a burgeoning consumer market.

The Iraqi Electricity Minister will likely be speaking about his reforms to open up the market to SME’s, training and new players. Other ministers including those from Construction and Transport are attending.

The recent announcement of a 10year tax-free period for SMEs in Iraq will also stimulate the Tech entrepreneur market and drive the uptake of engineering skills.

At this conference, we will discuss big-picture economics with Professor Frank Gunter (Lehigh University), Ahmed Tabaqchali (AFC Iraq Fund), and Simon Penny (UK Trade & Investment), who will address the economic backdrop in the Middle East, and the context for Iraq in particular.

The World Bank and Wood Plc will cover the water sector, while Rolls Royce, Basra Gateway Terminal (BGT), and Menzies will look at transport and logistics, and Iraq’s Electricity Minister, GE, Siemens and Enka will focus on energy.

Alongside the conference our Tech Forum brings experts on HealthTech and Educational Tech, including speakers from GE, Siemens Healthcare, KPMG, EY, Google and the British Council, among others.

While key opportunities will be outlined, the real opportunity for business is to meet the people directly involved in contracts and supply-chain opportunities. This is the place to do business, to network and to find out what’s happening in the Middle East’s most potentially dynamic market that is Iraq.

For further information and to find the latest updates on speakers – more are expected – please contact  london@webuildiraq.org or visit the website to register for tickets.

https://iraqbritainbusiness.org/event/autumn-conference-at-the-address-hotel-dubai

The year it’s all on the up…

Conference: Find Out What’s Happening in Iraqi Business

From Peace to prosperity:

The Conference to find out what’s happening for Iraq business.

The Iraq Britain Business Council (IBBC) Autumn Conference in Dubai on December 8th is set against a backdrop of relative peace and security in Iraq, and the prospect of oil revenues surging through the economy is driving a wider range of business opportunities and a prospective 8% increase in GDP.

Peace is enabling the economy to diversify through the revenues that pay for a range of infrastructure projects. So this Autumn we are focusing on a range of sectors set to benefit from a stable Iraq: namely, Water, Transport and Logistics, Energy and Tech.

The recent protests have also spurred on Government reforms and incentives to drive employment, entrepreneurship and service diversity, and increase the volume of opportunity that lies ahead and the prospects for not just business-to-business but also a burgeoning consumer market.

The Iraqi Electricity Minister will likely be speaking about his reforms to open up the market to SME’s, training and new players. Other ministers including those from Construction and Transport are attending.

The recent announcement of a 10year tax-free period for SMEs in Iraq will also stimulate the Tech entrepreneur market and drive the uptake of engineering skills.

At this conference, we will discuss big-picture economics with Professor Frank Gunter (Lehigh University), Ahmed Tabaqchali (AFC Iraq Fund), and Simon Penny (UK Trade & Investment), who will address the economic backdrop in the Middle East, and the context for Iraq in particular.

The World Bank and Wood Plc will cover the water sector, while Rolls Royce, Basra Gateway Terminal (BGT), and Menzies will look at transport and logistics, and Iraq’s Electricity Minister, GE, Siemens and Enka will focus on energy.

Alongside the conference our Tech Forum brings experts on HealthTech and Educational Tech, including speakers from GE, Siemens Healthcare, KPMG, EY, Google and the British Council, among others.

While key opportunities will be outlined, the real opportunity for business is to meet the people directly involved in contracts and supply-chain opportunities. This is the place to do business, to network and to find out what’s happening in the Middle East’s most potentially dynamic market that is Iraq.

For further information and to find the latest updates on speakers – more are expected – please contact  london@webuildiraq.org or visit the website to register for tickets.

https://iraqbritainbusiness.org/event/autumn-conference-at-the-address-hotel-dubai

The year it’s all on the up…

UK announces $43m Iraq Aid Package

A new UK aid package is to help the Government of Iraq to reinvigorate its economy and rebuild hospitals, schools and other vital infrastructure, allowing Iraqis displaced by conflict to return home and restart their lives, UK Minister for the Middle East Alistair Burt announced during a four-day visit to Iraq.

The UK is the first donor to the newly formed Iraq Reform and Reconstruction Fund (IRRF), following close cooperation between the Department for International Development (DFID), the Government of Iraq, the World Bank, Germany and other international partners to develop the fund.

The fund will:

  • encourage innovative approaches and provide technical assistance to the Government of Iraq as it reconstructs areas affected by conflict, including the rebuilding of houses, schools, hospitals, factories and roads.
  • provide opportunities to utilise UK and international expertise to help the Government of Iraq to carry out vital reforms that will make the country more business friendly.
  • help unlock Iraq’s economic potential, generate jobs, boost potential for enhanced future trade with the UK and other international partners and lay the ground-work for long-term peace and stability following the conflict with Daesh.

In addition to tackling Iraq’s long-term recovery and reconstruction, Mr. Burt also announced further support to help meet the immediate humanitarian needs of the 1.8 million people still displaced from their homes within Iraq, and a boost for stabilisation efforts to ensure vital services such as healthcare and electricity are reinstated quickly in places such as Mosul.

During the visit in which Iraq and the UK agreed to a joint communique to further strengthen bilateral relations, Mr Burt held wide ranging discussions on UK-Iraqi cooperation, trade, development and regional security issues with the Iraqi President Barham Salih, the Prime Minister Adil Abdul Mehdi, Foreign Minister, Deputy Foreign Minister and the Trade and Planning ministers.

He also met Prime Minister of the Kurdistan Regional Government, Nechirvan Barzani, and the Prime-Minister designate, Masrour Barzani. Whilst in the Kurdistan Region, the minister also met Minister for the Interior, and for Peshmerga Affairs Karim Sinjari, as well as Deputy Prime Minister Qubad Talabani.

In support of the Foreign Secretary’s commitment to tackle the persecution of Christians across the globe, the minister also engaged with the Archbishop of Erbil, Bashar Warda and grassroots faith organisations to gain their perspectives on freedom of religion and beliefs in the region.

Speaking from Baghdad the Minister for the Middle East Alistair Burt said:

The UK is a strong partner and friend of Iraq. We share a range of mutual and growing priorities which include security, development, foreign policy and trade.

“There is much to be celebrated about Iraq’s progress since the territorial defeat of Daesh in 2017. But there is more to be done to help Iraq develop the strong, stable future, decided on by all Iraqis, that its people deserve. The UK remains committed to supporting Iraq to develop along non-sectarian lines, and we are particularly concerned about the rights and freedoms afforded to Christians and other minority faith groups.

“I am proud that we will be the first donor to the Iraq Reform and Reconstruction Fund. UK aid will provide vital support to the people of Iraq as they rebuild their lives, their businesses and their economic independence.

UK aid announced today for the humanitarian response will support vulnerable people displaced by conflict, providing clean water, medicine and shelter. Since 2014, UK aid in Iraq has provided 4.1 million people with life-saving healthcare, 2 million people with safe water and sanitation, 836,500 people with shelter and more than 408,000 people with food.

£16 million will be allocated to the Iraq Reform and Reconstruction Fund (IRRF), run by the World Bank, from DFID’s budget. The IRRF will support Government of Iraq-led reconstruction efforts following the destruction caused by the conflict with Daesh, and support the implementation of longer term economic reform.

£6.9 million will be allocated to UNDP’s Funding Facility for Stabilisation (FFS) in Iraq from the UK Government’s Conflict, Security and Stability Fund (CSSF). It will directly support the rehabilitation of critical infrastructure in areas of Iraq liberated from Daesh. This will include hospitals, school, power plants and roads destroyed in the fighting.

£10 million will be allocated to UN OCHA’s Iraq Humanitarian Pooled Fund from DFID’s budget. It will support the ongoing humanitarian response, providing for the immediate needs of vulnerable people in Iraq displaced by conflict. It will help deliver clean water, medicine, shelter and a wide range of additional services to people living within temporary camps. Since 2014, UK aid in Iraq has provided 4.1 million people with life-saving healthcare, 2 million people with safe water and sanitation, 836,500 people with shelter and more than 408,000 people with food.

(Source: UK Govt)

EU, World Bank support Iraq Energy Sector Reforms

In the framework of the financing agreement signed yesterday by the Government of Iraq (GoI) and the European Union (EU) committing €14 million (US$15.8 equivalent) to support the government’s efforts to ensure increased and more reliable energy access for the Iraqi population, the EU and the World Bank Group (WBG) have signed today a €12.85 million (US$14.5 equivalent) implementation agreement to provide the needed technical assistance.

The initiative complements the ongoing and upcoming World Bank interventions in support of the GoI’s energy sector reforms, including those embedded in the budget support operations series (Development Policy Financing programs – DPFs), the Reimbursable Advisory Services (RAS) for structuring the Gas Value Chain and Gas Marketing in Iraq, and the support to subsidy reforms funded by the ESMAP’s Energy Subsidy Reform Technical Assistance Facility (ESRAF).

Supporting Iraq’s private sector enabling energy sector reforms is a priority development objective in the country both for the EU and the WBG. In a country where the energy sector accounts for more than 90% of central government revenues, addressing energy sector challenges is an essential and complementary action to any public finances related reforms, an area in which the European Union and the World Bank are also partnering in Iraq.

The country is also the world’s 3rd largest exporter of oil and its untapped natural gas reserves are the 12th largest in the world, yet it is forced to import fuel to meet its domestic energy demand, which imposes significant economic and fiscal strain on public finances. Equally important, Iraqi citizens are regularly faced with power shortages and have to resort to more expensive and pollutant sources of energy.

Efficiency in the management of public resources and delivery of services are critical to the achievement of public policy objectives, especially for a resource-rich upper-middle income country like Iraq, as well as fundamental to restore the trust and social contract between Iraqi citizen’s and the country’s institutions, especially in a post-conflict era of stabilisation and reconstruction. “As pledged in the Kuwait Conference, the European Union is committed to help Iraq’s reconstruction efforts and economic and political reforms to secure a better future for its citizens,”

(Source: Relief Web)

Iraq launches Social Fund to Fight Poverty

By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.

The Iraqi Ministry of Planning announced the launch of the Social Fund for Development on Sept. 23, with initial capital of $300 million, in cooperation with the World Bank.

The project aims to improve the living conditions of Iraq’s poor. High poverty rates in Iraq have led to repeated protests for 15 years calling for improving the standard of living and for more employment opportunities. These protests have resulted in dozens of deaths and injuries.

A May 2018 World Bank report noted that Iraq’s population of 38.5 million sits at the poverty line with a poverty rate of 22.5%. The spokesman for the Iraqi Ministry of Labor and Social Affairs, Ammar Menem, told Al-Monitor that this high rate is due to “exceptional security conditions ensuing from the war and its costs, as well as to the slump in oil prices. This resulted in the cessation of funding of projects for the rehabilitation of unemployed persons, a lack of investment projects and faltering economic growth.”

Click here to read the full story.

Iraq launches Social Fund to Fight Poverty

By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.

The Iraqi Ministry of Planning announced the launch of the Social Fund for Development on Sept. 23, with initial capital of $300 million, in cooperation with the World Bank.

The project aims to improve the living conditions of Iraq’s poor. High poverty rates in Iraq have led to repeated protests for 15 years calling for improving the standard of living and for more employment opportunities. These protests have resulted in dozens of deaths and injuries.

A May 2018 World Bank report noted that Iraq’s population of 38.5 million sits at the poverty line with a poverty rate of 22.5%. The spokesman for the Iraqi Ministry of Labor and Social Affairs, Ammar Menem, told Al-Monitor that this high rate is due to “exceptional security conditions ensuing from the war and its costs, as well as to the slump in oil prices. This resulted in the cessation of funding of projects for the rehabilitation of unemployed persons, a lack of investment projects and faltering economic growth.”

Click here to read the full story.