World Bank confirms its commitment to support Iraq to take advantage of the oil sector

05/09/2014 18:28

Iraq called on the World Bank to limit its dependence on the energy sector strong.


BAGHDAD / obelisk: The World Bank, on Friday, its commitment to support Iraq to benefit more from the oil sector, the most important source of revenue in the country and turn it into an engine for development.

The World Bank noted in a report, I followed "obelisk" that the recovery in the Iraqi oil sector has made great progress, pointing out that Iraq depends on oil and gas as a source of about 98 per cent of exports and 96 per cent of its revenue official.

According to the report, "with the adoption of a new energy strategy supported by the World Bank, Iraq looks beyond to make short-term gains realized by oil and gas exports to focus on the diversification of the economy in the medium term."

The World Bank called for Iraq to limit its dependence on the energy sector strong.

It is said that the Iraqi government initiated through the adoption of "National Strategy for Integrated Energy" last year, in the implementation of an ambitious plan to transform the energy sector with plans to allocate more than 600 billion dollars for this sector over the next 16 years.

The report says that the treatment of the destruction and the low investment always take a long time, however, the efforts made by the Iraqi government and development partners started to bear fruit, the first time since the events of 2003, and specifically in the fall of 2013, I got the Iraqi capital Baghdad on electricity for 24 hours a day.

The report pointed out that the national energy strategy, which was developed with support from the Fund of Iraq, which is managed by the World Bank, is the result of a concerted effort between the key ministries in Iraq, oil, electricity, finance, planning, water, environment, industry and minerals.


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