The World Bank has approved a further $400 million for rebuilding areas captured from Daesh.
In a development that is likely to be lucrative for builders and developers, a statement from the World Bank said it has approved $400 million in additional funding to help rebuild services in areas recaptured from Islamic State militants in Iraq.
The global development bank said it would fund studies on how to involve the private sector in the reconstruction of Mosul’s airport and restore public transport terminals as well as restore parts of the country’s railway network.
“The package represents an additional financing to the Iraq Emergency Operation for Development Project ($350 million) approved back in July 2015 and already underway in seven cities in Diyala and Salah Ad-Din governorates,” said the World Bank in a statement.
The new funding drive will focus on rebuilding in five sectors, including, electricity, water and sanitation, transportation, health, and municipal services.
The funds will be utilized to help restore and preserve cultural heritage sites in Mosul’s Old City, which were heavily damaged in the fighting.
According to estimates made by Iraqi government officials, it will take at least five years and billions of dollars to rebuild Mosul.