Real estate related economic and financial news covering the MENA region.
World Bank unit to raise $500m Mena Arab Spring recovery fund
Jun 13, 2012
The World Bank is hoping to raise a $500m fund to invest in the Middle East and North Africa (Mena), and said the region's needs in the wake of the Arab Spring uprisings are more than it can manage itself, Reuters has reported. The International Finance Corp (IFC), a unit of the World Bank, plans to set up the fund in addition to the $2.2bn to $2.4bn it expects to invest in the region over the next year, Mouayed Makhlouf, Mena regional director for IFC, told the news service. ôWe see an increase in equity investment opportunities and working capital needs in countries like Morocco, Tunisia, Egypt and Jordan,ö he said, adding that the revolutions in the Arab world have brought renewed attention to the economic and political consequences of unemployment.