WB tries to strengthen ties with League of Arab States
CAIRO: The World Bank Group as Managing Director, Mahmoud Mohieldin led a mission to Cairo to discuss strengthening cooperation and partnership with the League of Arab States and concerned ministers in the Egyptian Government within the framework of the World Bank's Arab World Initiative (AWI).
The AWI is an approach to the countries of the Arab League to support economic cooperation and knowledge sharing across the Arab world.
Mohieldin met with Amr Moussa, Secretary General of the League of Arab States (LAS) to discuss potential areas of cooperation between the Bank and LAS member countries.
It was agreed during the meeting to institutionalize a partnership between the two institutions under the AWI initiative, through the signing of a memorandum of understanding aimed at enhancing the effectiveness of coopera- tion and setting out an institutional framework for future collaboration.
"In coordination with the Arab League, the Bank will support the top priorities of the region especially in the areas of human development, infrastructure and job-creating micro, small and medium enterprises to help the region achieve economic integration and boost employment and job creation across the Arab world," said Mohieldin.
The World Bank will assist in providing finance in addition to advisory services and institutional capacity building in order to facilitate successful implementation of these projects, said Mohieldin. This will bring the Bank's international in work with 187 member countries to the benefit of the Arab world, he added. Mohieldin said the World Bank could provide support for developing financial markets, particularly mid-and long-term local currency financing for such projects. -PB News