World Bank outlines key development role in Middle East and reaffirms commitment to provision of development assistance in region

The visit by Mr. Sarbib is one of many the World Bank Group is making to Dubai as the countdown continues to September 2003 when the annual gathering of the world's financial community, the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund, will take place in an Arab City for the very first time.

Throughout the world, the World Bank is the largest international provider of education support, helps funds vital social programmes and wide ranging community activity including health, agriculture, and municipal development.

During the visit to the UAE hosted by Dubai 2003, Mr. Sarbib outlined the importance the World Bank attaches to helping the countries of the MENA region to meet the challenge of providing jobs for a young and increasingly educated population.

Mr. Sarbib said: "At the core of our activities are a belief in helping to actively support and empower men and women and place them at the very centre of our development through our development assistance and social programmes in this region."

"One of the biggest challenges facing the Middle East and North Africa is that of unemployment so we support projects and give assistance to directly help with job creation across the region."

Addressing a media briefing Mr. Sarbib explained that, although each country faces a specific situation, 5 challenges are common throughout the MENA region. They are:

• Private sector development and employment
• Public sector efficiency and governance
• Education for a global world through helping individuals to compete better in the global marketplace
• Gender and strengthening the prospects for women's role and participation in public life
• Sustainable management of water resources in the world's most water stressed region.

Throughout the Gulf, the World Bank has also given valuable "reimbursable technical assistance" to a number of countries including the UAE, Saudi Arabia, Kuwait and Bahrain. In Kuwait and Bahrain the World Bank has also provided expert advice on the challenge of privatization.

In 2002 the World Bank provided the MENA region with $590 million in development assistance.

Mr. Sarbib also presented information from the recently published report by the World Bank Group titled "Two Years of Intifada, Closures and Palestinian Economic Crisis" that showed that the numbers stricken by poverty in Palestine had trebled from 637,000 in September 2000 to nearly two million today.

"The report surveys the economic and social damage caused by the current situation and proposes measures to help stabilize the ailing Palestinian economy," explained Mr. Sarbib.

"With unemployment rising and incomes collapsing, over half a million Palestinians in this formerly middle-income economy are now fully dependent on food aid. The report says that as each month passes ultimate recovery will become more difficult."

Mr. Sarbib added that the Bank would continue to deliver immediate assistance to the Palestinian people, 60% of whom live under the poverty line. While addressing their pressing needs, especially job creation and funding health and education priorities, the World Bank is also helping the Palestinian Authority in building the institutions of a future state.

He also stated the readiness of his institution to play its normal role in the re-development of Iraq, in line with the decisions made last April by the Ministers who attended the Spring Meetings of the Development Committee.

Commenting on the visit, Dubai 2003 General Coordinator, Mr. Ibrahim Belselah, said: "Mr. Sarbib has given us a valuable insight into the vital role that the World Bank plays in helping with the development and economic support of our region. At Dubai 2003 we are fully committed to helping the World Bank in its efforts to bring greater prosperity and job creation to the Middle East and North Africa."

The Annual Meetings of the Boards of Governors of the World Bank Group and International Monetary Fund were first held in Washington DC in 1946. They are hosted by an international city, other than Washington DC, one year in three. Dubai and the UAE were selected because of its highly developed transportation and logistics infrastructure, growing importance as a financial hub and its established position as an oasis of opportunity.