World Bank and the Arab Coordination GroupFostering Partnership for Better Results

Stocks and Financial Services Press Releases Monday October 16, 2017 09:06
WASHINGTON--16 Oct--World Bank

WASHINGTON, October 15, 2017- A Memorandum of Understanding (MOU) was signed today between the World Bank Group and the Arab Coordination Group (which includes bilateral and multilateral Arab development institutions; namely: the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Programme for Development, the Arab Monetary Fund, the Kuwait Fund for Arab Economic Development, the Qatar Development Fund, the Saudi Fund for Development, the OPEC Fund for International Development and the Islamic Development Bank Group), to enhance coordination for more effective assistance to developing countries. The agreement paves the way for joint investment financing, policy dialogue, analytical work, and outreach to stakeholders in Africa and the Middle East and North Africa regions. The MOU also includes commitments to share expertise and resources.

As part of the MOU, all parties will join efforts in areas including energy, agriculture and food security, water, and the financial sector. This partnership also supports the development of the Pan-Arab Regional Energy Trade Platform Initiative through the development of regional governance structures, and investments in necessary infrastructure.

"Both the World Bank and the Arab Coordination Group institutions are natural strategic partners, having a long record of supporting development," said Hafez Ghanem, World Bank Vice President for Middle East and North Africa. "This strategic partnership is aimed at building synergies and closer collaboration to help achieve stronger and longer-lasting impact".

The World Bank Group and the Arab Coordination Group agreed to share expertise, strengthen the already excellent cooperation between them, facilitate dialogue on joint priorities, sharpen the focus on results and help streamline the programming and implementation of procedures.

"We are glad to enter a new stage of our already strong partnership," said Mr Abdlatif Y. Al-Hamad, Director –General and Chairman of the Board of Directors of the Arab Fund for Economic and Social Development. "With our combined resources and expertise, we are better equipped to make a difference in people lives."

The Arab Coordination Group (ACG) serves as a coordination body between its member bilateral and multilateral institutions, each with its specificities but all with a common goal to help developing countries reach their economic and social development objectives. To this end, the institutions cooperate intensively and coordinate within the ACG and with other institutions with similar mandates to achieve common goals.

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