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.
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.
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