World Bank spends $2.6bn in MENA in 2007

The World Bank said in its latest report said for the fiscal year 2007 it has committed $2.6 billion in loans, credits, grants and guarantees to governments and the private sector in the Middle East and North Africa (MENA) region.

Recipients were using the funds from July 2006 to June 2007 in more than 40 projects and programmes designed to enhance the business and investment environment and to empower the poor, the bank said in a statement this week.

"The pace of reforms [in the region] needs to be maintained in order to achieve a broader impact across all segments of societies in the region," said Daniela Gressani, World Bank vice president for the MENA region

"Removing barriers to private sector involvement and improving governance are critical to accelerate job creation and to ensure greater opportunities for the growing youth population in the MENA region", she added.

In middle income countries across the region, the bank said it focused its technical and financial assistance on promoting private sector development while enhancing women's economic opportunities, strengthening governance and institutions and supporting the management of new infrastructure projects.

In Lebanon, Iraq, West Bank and Gaza, the bank said its strategy was to address the main needs of vulnerable communities and those at risk while contributing to solid foundations for government and market institutions.

"The past year witnessed unprecedented regional growth, with real GDP rising at an average of 6.3%," the bank said in a statement, adding that this had been the strongest showing in more than a decade, despite the difficult conditions in the war-stricken countries.

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