Interview-the World Bank expects new bond program for the Middle East and North Afric
Interview-the World Bank expects new bond program for the Middle East and North Africa by spring Beirut, 19 November (Reuters)
A senior official at the World Bank that a new international bonds and grants may go into effect by next spring to help States cope with the fallout of war and instability in the Middle East and North Africa. Hafez Ghanem, said Group Vice President of the World Bank for the Middle East and North Africa in an interview with Reuters that kind targeted investment plan of investments in education and infrastructure and jobs-is necessary to cope with refugee crises in the region.
Ghanem added that humanitarian assistance alone is not enough and that the alternative is a "lost generation or two" in the region of 15 million refugees and internally displaced people.
Ghanem's comments came during a visit to Lebanon, which struggles to cope with more than a million Syrian refugees registered in its territory represent a quarter of the country's population.
Ghanem pointed out that he did not recall over a career that began nearly 30 years ago, any period of such great demand to help middle-income countries.
He said "we support requests reach a very high level at the moment and will increase because while peace through political or security procedures should give people hope and opportunities to withstand this peace."
He said "we are trying to gather more resources for this reason, we proposed the mechanism for funding." in last month, said the World Bank and the United Nations and the Islamic Development Bank on the initiative that would ask from donor countries provide guarantees for bonds to raise funds for specific purposes, including support to refugees and reconstruction in order to allow the displaced to return to their homeland.
The initiative includes Islamic bonds (sukuk), targeting investors in the region where conflict rages in Iraq and Syria, Yemen and Libya. The proposal also includes a request from donors to provide grants to cut interest rates for countries hosting refugees.
Ghanem said "if we have agreed and succeeded in setting this up, it won't be a deal to be implemented at once. But it must be applied over several years, as well as the size of the requested works and projects that require implementation as one of us cannot be implemented quickly. "* reconstruction of Libya and Yemen and Syria of Ghanem said" we are talking about development and investment projects in the sectors of education, health and infrastructure. In my opinion we will start gradually. We cannot visualize volume (finance) at this time. "and continued by saying" we will need large amounts when reconstruction for example in Syria or Yemen or Libya but at this time we cannot do that. "he stressed that the objective is Ghanem enter funding mechanism implemented by spring, noting that among the countries that expressed an interest group, Scandinavia, Netherlands, Saudi Arabia, U.A.E., Kuwait and Qatar.
He noted that future meetings would include countries like Jordan and Egypt beneficiaries and Tunisia, Morocco and Lebanon.
And impeded internal political conflict in Lebanon prepare a plan to cope with the refugee crisis and other problems.
The Lebanese Parliament met last week for the first time a year ago to approve legislation that allows one to implement dam project worth 600 million dollars funded by the World Bank after the project is pending for more than a year.
Ghanem said "by the time the funding mechanism into effect-we aim to move too quickly to be processed in the next three months, I hope that Lebanon had found a way we guarantee not to wait years before Parliament approves projects." he noted that the World Bank, Ghanim is expected to provide Egypt with a loan of 1 billion dollars by December after completing negotiations with Cairo over the weekend as fighting talks with Iraq to lend more money after approval The 350 million-dollar loan in July.
(Preparation of Dalia boon for Arabic bulletin-edit Abdel Moneim durar)