Forum for the Future : Address by Nadir Mohammed

Speech by Nadir Mohammed, Director of Strategy and Operations,
Middle East and North Africa Region, World Bank

Forum for the Future,
Abu Dhabi, 18-19 October 2008

Your Highness Sheikh Abdullah Bin Zayed Aal-Nahyan

Excellencies

Ladies and gentlemen

On behalf of the World Bank, I would like to extend our gratitude and appreciation for the Government of UAE for the invitation to the fifth Forum and for the hospitality.

A year ago, the World Bank launched the new Arab World Initiative (AWI) as one of the six strategic themes that underpin the vision of the World Bank Group in supporting inclusive and sustainable globalization. The AWI aims at strengthening development and opportunity in the Arab World by advancing regional integration and the integration of the region within the global economy and achieving faster growth, better jobs, lower disparities, greater social inclusion and better management of natural resources - especially water.

The AWI aims to support the efforts of governments and citizens of the Arab World to successfully transform, their human and natural resources into sustainable and inclusive growth. Consultations with governments, CSOs, private sector representatives from the region identified six priorities (most of them are on the Agenda of the 5th Forum for Future): (i) education, (ii) job creation; (iii) regional infrastructure and trade facilitation; (iv) inclusion; (v) corporate and public governance and (vi) natural resource management.

WBG support to the region continued to increase. In the last FY, WBG financing to the MENA region exceeded $3.2 billion (both the World Bank and IFC).

We look forward to deepen our partnership with Arab countries and our development partners for the realization of the objectives of the initiative, particularly as the World and the region face the three inter-related crises (food prices, energy prices and the current financial crisis).

The World Bank has set three facilities to tackle these crises. First, a $1.2 billion Food Crisis facility was set and 3 countries from the region already benefited from the grants to support their social safety nets and work is undergoing to scale up support to the agricultural sector. Second, a similar facility is currently under preparation and will be called "Energy for the Poor Initiative" with support from countries participating in the Forum to assist countries impacted by high energy prices. Finally, a task force has been set to assist member countries, technically and financially, with the current financial crisis and particularly with regard to preparedness.

We look forward to strengthen our collaboration with all our shareholders to address these crises. Their resolution will require a "New Multilateralism Network" as was emphasized by President Zoellick last week at the annual meetings of the World Bank and the International Monetary Fund.

Thank you again for the opportunity to address this august forum.