IFIs in the Middle East and North Africa
Issue #2
Monday, July 28, 2008
Dear colleagues,
Welcome to the second edition of our new "The IFIs and the Middle East & North Africa" newsletter from the Bank Information Center.
You can view the full Arabic version of this newsletter, which is available here.
Please feel free to forward this newsletter to any colleagues you think might be interested. They can subscribe to the newsletter by sending a request to mena@bicusa.org.
What's new on the MENA webpage?
In the past weeks, the MENA Program has created brand-new web content in both English and Arabic for the MENA webpage. Some highlights include:
We are currently undertaking a major effort to translate many of our relevant pages into Arabic, and are preparing a fully functional Arabic version of our website. Please stay tuned!
Updates
World Bank provides additional financing to electricity and water projects in West Bank and Gaza
18 July 2008
The World Bank has agreed to additional financing for electricity and water projects in the West Bank and Gaza. But the reach of the assistance to the most needy, and the effects on curbing high utility bills are still questionable. Read more.
World Bank signs new emission reductions purchase agreement in Egypt
8 July 2008
The World Bank will buy 325,480 tons of carbon credits from Egyptian Company for Solid Waste Utilization (ECARU) on behalf of governments and companies in Organisation for Econmic Co-operation and Development (OECD) countries. Read more.
BIC's MENA program organizes third workshop in Egypt
20 June 2008
The workshop introduced BIC's work to Egyptian media and civil society organizations, and focused on the activities of the international financial institutions in the country. Read more.
Islamic Development Bank joins efforts to alleviate food crisis
19 June 2008
Jeddah-based development institution announces $1.5 billion contribution toward food security programs in its member countries. Read more.
Questions remain unanswered surrounding the Red Sea – Dead Sea Canal as feasibility study begins
18 June 2008
The World Bank’s support for the $15.5 million feasibility studies continues to raise questions about the Bank’s application of its operational safeguard policies on the project. Read more.
IFC touts achievements during Palestine Investment Conference, while World Bank-led reforms threaten Palestine’s poorest
15 June 2008
The recent Palestine Investment Conference concluded with pledges amounting to $1.4 billion in private sector investment in the Palestinian Territories, including $75m from the International Finance Corporation (IFC). Meanwhile, the World Bank’s conditionalities on utility fees and eliminating public sector jobs raises doubts about the institution’s adherence to its poverty reduction mandate. Read more.
IFC challenges highlighted in the Middle East; "Doing Business" indicators come under fire
8 April 2008
BIC's MENA Program Manager, Amy Ekdawi, writes about the IFC's rapidly increasing investment in the region, and the contradictions of its pledge to reduce poverty while undermining labor standards. Read more.
Did You Know...
MENA was the IFC's fastest-growing regional portfolio last year?
In 2007, new commitments by the International Finance Corporation (IFC) - the private sector arm of the World Bank - in the MENA region reached US$1.2 billion and represented nearly double its investments in the previous year. The IFC has indicated that it intends to maintain high levels of private investment in the region, focusing primarily on financial markets such as housing and small/medium enterprise (SME) sectors, as well as oil, gas and infrastructure projects.
Apart from its own investments, the IFC also facilitates private sector involvement in the region by advising governments on the implementation of investor-friendly reforms, including the privatization of state-owned banks and public utilities such as water services.
Note: The text of this newsletter may be freely used providing the source is credited.
The Bank Information Center (BIC) partners with civil society in developing and transition countries to influence the World Bank and other international financial institutions (IFIs) to promote social and economic justice and ecological sustainability. BIC is an independent, non-profit, non-governmental organization that advocates for the protection of rights, participation, transparency, and public accountability in the governance and operations of the World Bank, regional development banks, and IMF.
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