Al-Ississ calls for ‘genuine’ partnerships between WBG, regional development funds

AMMAN — Minister of Planning and International Cooperation and Minister of State for Economic Affairs Mohamad Al-Ississ has urged the World Bank Group (WBG) to build “genuine” partnerships with regional funds to implement development projects.

Chairing a meeting of Arab governors with the WBG President David Malpass in Washington, DC, Al-Ississ also called for expanding cooperation with the G-20 in implementing development projects with “tangible” impact on economic growth, according to a ministry statement. 

The minister also urged the WBG to help bring international investments to the Arab region, stressing the importance of Saudi Arabia’s G-20 presidency in 2020, the statement said. 

Al-Ississ underlined the WBG’s role in achieving economic development in the region, calling on Arab states to embark on implementing structural reforms and adopting comprehensive economic policies to achieve envisioned growth, create job opportunities, enhance competitiveness and reduce gender income inequality.

The minister also participated in the WBG Development Committee meeting which focused on economic transformation, sustainable development and job creation.

Participants in the meeting argued that job creation is one of the major challenges facing the MENA region, citing studies showing that unemployment rates in the region, especially among the youth, reached 26 per cent in 2018 — “the highest in the world over the past two decades”, according to the statement.  

Working papers discussed during the meeting also argued that women’s participation in the labour market in the MENA region reached 22 per cent in 2018, nearly 30 per cent lower than the global average.

Al-Ississ briefed the bank’s officials on the progress achieved in Jordan’s economic reforms, including the automation of services and governmental procedures and amendments to the investment and labour laws, the statement said.