World Bank announces $750 mln loan for Arab energy projects

Salma El-Wardani , Wednesday 19 Jan 2011

Bank's managing director announces loan during speech at Arab economic summit in Sharm El-Sheikh, one day after signing memorandum with Arab League

Mahmoud Mohy Eldien

The World Bank is ready to allocate $750 million in loans to fund Arab energy projects, said World Bank Managing Director Mahmoud Mohei Eddin.

"The world Bank announces $750 million soft loans for energy renewal projects inside the Arab region," he said in his speech today at the second Arab economic summit in Sharm El-Shiekh.

"The Bank will finance projects that will prove good enough for fund," he added.

The World Bank signed yesterday a memorandum of understanding with the Arab League regarding the Arab World Initiative launched by the Bank in 2007. The memorandum focuses on mutual fields of concern, such as infrastructure and education.

"The World Bank is ready to finance inter-Arab infrastructure projects," said Mohie Eddine, after yesterday’s signing ceremony in Shram El-Sheikh, just one day before the commencement of the second summit.

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