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World Bank increases MENA aid

14 July 2010

The World Bank has revealed aid to countries of the Middle East and North Africa has been increased to a record $3.8bn in the 2010 fiscal year, Gulf News has reported. "The World Bank's financial assistance in the region more than doubled from $1.7bn in FY09 to $3.8bn in FY10, with more than $3.6bn in commitments from the International Bank for Reconstruction and Development (IBRD)," the bank said. Annual investments by the International Finance Corp (IFC), the World Bank Group's private sector arm, in MENA increased to $1.6bn for 59 projects in 13 countries in fiscal year 2010.

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