CAIRO: The League of Arab States and the World Bank Group signed Tuesday a memorandum of understanding to strengthen collaboration in the areas of economic and social development in the Arab world.
Amr Moussa, secretary general of the Arab League, and Mahmoud Mohieldin, managing director of the World Bank, signed the MOU at the Second Arab Economic, Social and Development Summit currently underway in Sharm El-Sheikh, according to a statement from the bank.
Moussa said the agreement is in line with the Arab League’s goals to promote economic and social development in the region and overcome the obstacles facing economic integration.
Mohieldin said that the institution will continue to exert every effort to assure its responsiveness to country’s development needs as well as address priorities specified by Arab countries that strengthen economic integration, the statement read.
He added that the MOU will expedite the development of regional activities that invest in Arab human capital, infrastructure and MSME development.
“Better integration both regionally and globally will help Arab countries achieve higher and sustainable economic growth which is critical to productively employ the growing work force, particularly the young,” he said.