The bank’s president said $20 billion to $25 billion has already been allocated for countries facing shortages of fertilizers and energy. He also cited youth employment and infrastructure as priorities.
World Bank President Ajay Banga said in an interview with Al Jazeera that the institution is ready to provide about $100 billion to countries facing the economic fallout from crises and conflicts, including the US-Iran war. He said between $20 billion and $25 billion has already been allocated to countries dealing with shortages of fertilizers and energy supplies.
Banga said the crises extend beyond tensions in the Middle East and include the war in Ukraine and conditions in Sudan and Gaza. The World Bank said on Oct. 6 that the continuing conflict was imposing significant economic costs across the Middle East, North Africa, Afghanistan and Pakistan.
He described rapid advances in artificial intelligence as an opportunity for healthcare, education, agriculture and other sectors. Banga said there was so far no established link between AI advances and job losses, calling such fears speculation.
Banga identified youth employment as the main long-term challenge for the Middle East and North Africa, given rapid population growth and young people’s aspirations for independence and a decent life. He said the bank is focusing on infrastructure, technology for small-scale farming, healthcare access in remote areas, tourism and industries with high added value.