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World Bank, Islamic Development Bank Ready to Aid Middle East

© REUTERS / Jonathan Ernst World Bank President Jim Yong Kim delivers remarks at the plenary session at the IMF-World Bank annual meetings at Constitution Hall in Washington October 10, 2014
World Bank President Jim Yong Kim delivers remarks at the plenary session at the IMF-World Bank annual meetings at Constitution Hall in Washington October 10, 2014 - Sputnik International
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The World Bank President Jim Yong Kim said that WB Group and the Islamic Development Bank Group are ready to provide bonds to increase financing for the Middle East and North African countries.

LIMA (Sputnik), Liudmila Chernova – The World Bank (WB) Group and the Islamic Development Bank Group (IDBG) are ready to provide bonds to increase financing for the Middle East and North African (MENA) countries recovering from war or coping with refugees, WB President Jim Yong Kim said Saturday.

"In support of recovery and reconstruction efforts in the Middle East and North Africa, the World Bank Group is prepared to issue bonds, backed by donor guarantees, in partnership with the Islamic Development Bank Group, which is prepared to issue Sukuk [Islamic equivalent of bonds]," Kim said at the MENA Stakeholders Event in Peru.

Kim noted that the proceeds from the bonds would be used by participating international and regional financial institutions to fund recovery and reconstruction.

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The proposal is part of the newly announced initiative by the United Nations, WBG, and IDBG.

The second part of the initiative proposes establishing a concessional financing mechanism to support the countries accepting the refugees.

Earlier in October, the WBG announced a new strategy for the MENA region aimed at promoting "economic and social inclusion to contribute to peace and stability in the region" by addressing causes of conflict and violence and the needs of those affected.

Europe is currently struggling to cope with a massive refugee crisis, as hundreds of thousands of people free war-torn regions in the Middle East and North Africa, seeking asylum in the EU bloc.

Over 500,000 migrants have arrived in the European Union since the beginning of 2015, according to European Commission estimates.

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