WB tries to strengthen ties with League of Arab States

The Pak Banker - - Front Page -

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

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