To raise the volume of financing needed to implement the new strategy, and to rally the international community around the common goal of promoting peace and stability in the region, the World Bank Group has partnered with the United Nations and the Islamic Development Bank Group. Together they have convened the international community to develop the New Financing Initiative to Support the MENA Region, which aims to:
- provide concessional financing to support refugees and host communities in Jordan and Lebanon, the middle income countries of the region that have been the most impacted by the Syrian refugee crisis; and,
- raise a greater volume of financing needed for post-conflict reconstruction and economic recovery for countries across the MENA region.
Importantly, this initiative will create a unique platform among multilateral development banks and the UN to strengthen coordination on development assistance to the region at this critical juncture.
At the Supporting Syria and the Region conference that took place in February in London, the World Bank Group announced that it will triple its investment in the region as compared to the previous five years. Funding from the New Financing Initiative to Support the MENA Region combined with current programs is expected to total about US$20 billion over the coming five years.
Next month, at the International Conference for the New Financing Initiative to Support the MENA Region – an event co-chaired by the leaders of the World Bank Group, United Nations and Islamic Development Bank Group – ministers from G7, Gulf Cooperation Council and broader European countries, as well as the heads of various international and regional organizations, will gather at the World Bank Group headquarters to pledge their support for the New Financing Initiative to Support the MENA Region.
(Source: World Bank Group)