The World Bank is hoping to raise a $500 million fund to invest in the Middle East and North Africa (MENA), saying that the region’s needs in the wake of the Arab Spring uprisings are more than it can manage itself.
International Finance Corp, a unit of the World Bank, is setting up the fund in addition to the $2.2 billion to $2.4 billion it expects to invest in the region over the next year, aiming to take advantage of a surge in investment opportunities since the Arab Spring, its regional director said. The IFC, along with the Islamic Development Bank (IDB), said in April that it plans to invest up to $100 million on major infrastructure projects across the Middle East and North Africa. ……………………………………….Full Article: Source