The World Bank says it responded to dual economic shocks caused by the COVID-19 pandemic and the subsequent collapse in oil prices with strong lending, technical assistance and global expertise throughout the Middle East and North Africa, MENA.
These shocks followed growing unrest and fragility in some countries, which were causing reversals in economic and social gains.
A statement from the international financial institution disclosed that over the fiscal year, which ended on June 30, new commitments in the MENA region included 3.4 billion US dollars from the International Bank for Reconstruction and Development, which supports development in middle-income countries.
There was also 202.9 million dollars from the International Development Association, the Bank’s fund for the world’s poorest countries in addition to 103 million dollars in new committed grants for the West Bank and Gaza.
According to the statement, guided by the enlarged MENA regional strategy, the World Bank approved 22 new operations during the previous financial year.