World Bank, Germany cooperate to foster development in MENA, North Africa

World Bank Group signed with the German Federal Ministry for Economic Cooperation and Development (BMZ) a declaration of intent to enhance cooperation on sustainable and inclusive development in the Middle East and North Africa Region (MENA.

The initiative was signed at the Spring Meetings of the World Bank and IMF currently held in Washington.

It resulted froma shared understanding of the challenges and important opportunities in the MENA region and the firm belief that The World Bank Group and the German Federal Ministry for Economic Cooperation and Development (BMZ) should go beyond a short-term crisis response approach, to looking at medium and long-term development prospects.

Six priority countries are included in the partnership namely; Egypt, Iraq, Jordan, Lebanon, Libya, and Yemen, while cooperation may extend to other countries following a joint assessment.

The partnership framework is evolving around three pillars; Information sharing and strategic engagement, joint analytical work and financial cooperation, and maximizing finance for development.

As part of this strategic partnership, BMZ will contribute up to 25 Million Euro to the Iraq Reform and Reconstruction Fund of the World Bank to support Iraq on the path towards sustainable and inclusive reconstruction and longer-term development.

“Germany as one of the strongest bilateral donors in the MENA region wants to support inclusive development and reforms beyond our contribution to crisis response and reconstruction”said Federal Minister for Economic Cooperation and Development, Gerd Müller. “To make this happen we want to build more strategic alliances that benefit in particular the young generation and women in the region.”