IslamicFinance.de

The Vice President of the World Bank for the Middle East and North Africa Hafez Ghanem confirmed that the World Bank aims to give $20 billion to the Middle East to help ease the Syrian crisis within the next five years. The figure is three times what the World Bank has spent up until now, and Ghanem added that his institution has given $4.9 billion to the Middle East and North Africa since July last year and most of this went to Iraq, Egypt, Jordan and, to a lesser extent, Lebanon. The increase had already started before the Syria crisis, when $1.6 billion was given to the region every 12 months. With regards to the monitoring of loans, Ghanem said that the World Bank helps the government design a project and provides technical assistance. Then a team of experts supervises it every six months.