WB and IDB raise a billion dollars in funding for infrastructure in the MENA region
12 October 2010
This weekend the World Bank announced a new initiative to remedy the lack of infrastructure in the Middle East and North African Area.
In connection with the annual meeting of the WB and the International Monetary Fund in Washington, the institution declared its intention to raise up to one billion dollars in funding, in collaboration with the Islamic Development Bank (IDB).
"This regional initiative will facilitate new flows of investment from the private sector to help countries like Egypt, Morocco, Jordan or Tunisia to move ahead with the implementation of major infrastructure projects", explained WB president Robert Zoellick to the MAP press agency.
He says that this initiative will help governments in the region to cope with the constraints imposed on public-private partnerships.
The project will also enable the development of inter-State projects and thus contribute to regional integration and to development.