The UN and the World Bank will issue bonds

united nations

International organizations devise a plan of concentration billion aimed at preventing deterioration of the refugee crisis in the Middle East and North Africa, proceeding to issue new bonds to help the displaced and support the reconstruction of areas affected by the conflict.

The United Nations, the World Bank and the Islamic Development Bank presented its proposal yesterday, after meeting the relevant of these international organizations for policy development at the global level, about finding ways to address the growing humanitarian and economic crisis because the wars in countries such as Syria, Iraq, Yemen and Libya

The World Bank president lives Yoko Mince said that more than 15 million people have fled their homes, resulting in a massive influx of refugees in countries such as Lebanon and Jordan.

The dual initiative will request the donor countries to provide guarantees for the issuance of bonds to raise money for specific programs, which would relate to supporting refugees to rebuild that would allow the displaced to return to their homes. Some of them are going to be Islamic bonds, or soukouk (form of guaranteed credit funding) in order to attract investors to the region.

Additional donors will be invited to give guarantees to reduce the interest rate in the countries that host the majority of refugees in the range of commercial rates to zero and said vice president of the World Bank for the Middle East and Europe Hafez Ganem.

“People focus on the situation in Syria because of what is happening in Europe, but in reality the situation in Yemen as it evolves is also very serious,” said Ganem after the meeting held at the annual meetings of the World Bank and the International Monetary Fund. Tunisia and Turkey also faced with a wave of refugees.

The UN expects hundreds of thousands of migrants arriving in Europe this year as fleeing from war and poverty, the biggest wave of displacement of people after the Second World War.

Support for the initiative have expressed the Group of Seven (G7) and other European countries, which can sygkentrosoyn funds “double-digit billions” in 5-10 years, said Ganem. “We all have our own interest in it,” he commented.

“The instability in the Middle East and North Africa affect around the world, not only through the refugees, but also through terror, fluctuations in oil prices, so in fact the international community as a whole has an interest to participate in this effort and to help those countries to regain stability and resume the path of growth, “he said.

A working group will finalize the details of the proposed plan for fund-raising – that resources are also available to other development agencies – until February.