The World Bank is to set up a regional $1bn development fund in cooperation with the Islamic Development Bank (IDB) to close the infrastructure gap in the Middle East and North Africa region, Gulf News has reported. “This regional initiative will unlock new flows of private sector investment to help countries like Egypt, Morocco, Jordan or Tunisia eager to push ahead with critical infrastructure projects that will drive competitiveness and boost much needed job creation,” Robert Zoellick, World Bank president said.