The World Bank has intensified its efforts to support partner countries in dealing with the economic impacts resulting from tensions in the Middle East, stressing the importance of strengthening international cooperation to reduce negative impacts on economies, especially in developing countries that face increasing challenges.
Restore energy stability and global trade
Pascal Donohoe, Managing Director and Chief Knowledge Expert at the World Bank Group, explained that reopening the Strait of Hormuz directly contributes to facilitating the movement of energy and goods, which helps reduce the uncertainty that has affected the global economy and enhances market stability.
Pascal Donohue continues, in statements reported by international media, that the World Bank is focusing on supporting the creation of job opportunities for about 800 million young people who are expected to enter the labor market, by strengthening partnerships between governments and the private sector, while giving priority to vital sectors such as tourism and manufacturing industries.
Development projects to support agriculture and energy
The bank is working on implementing initiatives such as the “Agri Connect” project to support millions of farmers and achieve a productive surplus, in addition to the “300” project, which aims to deliver electricity to hundreds of millions in Africa, thus contributing to improving basic services and supporting sustainable development.
