Monday, 20 September 2021 06:05 GMT

World Bank allocates USD 4.7 billion to Arab countries


(MENAFN- Brazil-Arab News Agency (ANBA))

São Paulo — The World Bank reported it has allocated up to USD 4.75 billion to aid countries in the Middle East and North Africa (MENA). On Monday (26), the institution reported the amount was cleared during the last fiscal year, which ended in June. The financial support responds to the challenges the new coronavirus pandemic has imposed on countries in the region. Pictured above, a bakery in Tunisia during a partial lockdown.

The aim is for the nations to use the amount to cover expenses with vaccines and strengthen their health, education, and social security systems.

According to the World Bank , of the total reserves, USD 3.98 billion went to Reconstruction and Development to support middle-income countries. Another USD 658 million came from the International Development Association (IDA), the World Bank's fund for the world's poorest countries. Another USD 114 million was sent to the Palestinian Authority (PA).

“The pandemic tested the region's already strained resilience and had a devastating impact on people across the MENA. It has also increased the urgency for decision-makers to undertake new reforms to address the longstanding development challenges in their countries,” said Ferid Belhaj, World Bank vice president for the Middle East and North Africa, in a statement.

Funding for the purchase of vaccines against COVID-19 was directed, for example, to citizens and refugees in Lebanon. Another initiative was to support vaccination programs in Tunisia, Jordan, and Yemen.

The institution reported that a total of 35 new operations were approved in the region during the fiscal year. In addition to efforts focused on the recovery from the pandemic, the World Bank provided resources for other purposes, such as reducing air pollution in the Cairo region in Egypt.

Translated by Elúsio Brasileiro

The post World Bank allocates USD 4.7 billion to Arab countries appeared first on Agência de Notícias Brasil-Árabe .

MENAFN27072021000213011057ID1102523073


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.