Arab sustainable development needs $230 bln in investments – World Bank official
The Arab region needs investments worth $230 billion to achieve the sustainable development, said a World Bank official on Tuesday.
The growth rates in the Arab region during the past two years reached 2 percent, said Mahmoud Mohie el-Din, the World Bank Group’s senior vice president for the 2030 Development Agenda, expecting the same percentage during the upcoming period.
Mohie el-Din made these remarks at the 10th conference of the Arab Federation of Exchanges (AFE) which is held in Egypt on April 23-24.
In addition, Mohie el-Din noted that the Arab region is facing a number of challenges, mainly the poverty, the unjust income distribution, in addition to the growing unemployment that recorded 10.6 percent, double the global average rate.
Moreover, the World Bank official pointed out that the standards of achieving sustainable development in the Arab markets are included in the growth, social development, adaption with the environmental variables and governance.
He also stressed the important role stock exchange is playing in attracting more foreign investments to achieve sustainable development in various economies.
The 10th conference of the Arab Federation of Exchanges (AFE) is organised by the Egyptian Exchange (EGX) in cooperation with the AFE, is expected to bring together 16 Arab exchanges, more than 500 investment experts, and heads of investment funds from all over the world.