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Middle East and North Africa

A timely report on mobilizing Islamic finance for PPPs

Clive Harris's picture
Also available in: Français | العربية


Photo: Artit Wongpradu / Shutterstock.com

Islamic finance has been growing rapidly across the globe. According to a recent report by the Islamic Financial Services Board, the Islamic finance market currently stands around $1.9 trillion. With this growth, its application has been extended into many areas — trade, real estate, manufacturing, banking, infrastructure, and more.
 
However, Islamic finance is still a relatively untapped market for public-private partnership (PPP) financing, which makes the recent publication Mobilizing Islamic Finance for Infrastructure Public-Private Partnerships such an important resource, especially for governments and practitioners.  

Using satellite data to gauge terrorist incomes

Quy-Toan Do's picture

The growing availability of satellite imagery and analysis means that all kinds of things we used to think were hard to quantify, especially in conflict zones, can now be measured systematically.
 
For example, estimating ISIS oil production. Soon after it proclaimed itself the Islamic State in Iraq and the Levant (a.k.a. ISIL/ISIS, the Islamic State, or Daesh, its Arabic acronym), the group was quickly branded the richest terrorist organization in history and oil was believed to be its major revenue source. A typical headline in Foreign Policy proclaimed “The Islamic State is the Newest Petrostate.”

Which comes first: good governance or economic growth? (Spoiler: it’s neither)

Yuen Yuen Ang's picture
Available in Chinese
Graphic: Nicholas Nam/World Bank

The idea that economic growth needs good governance and good governance needs economic growth takes us to a perennial chicken-and-egg debate: Which comes first in development—good governance OR economic growth? For decades, positions have been sharply divided between those who advocate “fix governance first” and others who say “stimulate growth first.”

These winning photos capture the future of sustainable cities

Xueman Wang's picture
The premise behind the Sustainable Cities photo competition was simple. We wanted to learn what people around the world “see” when they hear the words “sustainable cities.”
 
The submissions – and we at the Global Platform for Sustainable Cities received more than 90 entries from over 40 countries around the world – are very revealing.

What the photographers tried to communicate was a need: both the urgent need for infrastructure that leads to more resilient, sustainable cities, or a need to aspire to greener ideals of building sustainable communities for all.

There is no better day than today, World Cities Day, for us to share with you the 10 finalists – including 3 winners and an honorable mention for climate action – of the photo competition.

In the winning photo by Yanick Folly, one can practically feel the chaos of a city in Benin, the smell of exhaust fumes as cars crawl up alongside motorcycles and pedestrians down narrow alleyways.

Yanick Folly (Benin) – Winner
Growing day by day, our world is always moving. Just see the big vibrant Benin market. #SustainableCities

The photo is also a reminder that cities are made of people. Any set of solutions for “sustainable cities” will have to make sense to a city’s inhabitants, who tread its streets daily.
 
In other photos, the aspiration is palpable. 

Many of the photographers are nationals of developing countries from all over the world. Yet quite a few of them shared photos of cities we regard as environmentally friendly: Singapore, Amsterdam, London, and Paris... We saw many photos of parks in developed countries, and heard the same message: These green spaces and pedestrian walkways are what we want in a city.
 
Adedapo Adesemowo (UK / Nigeria)

From a waste dumping ground for oil, tar, arsenic, and lead to an Olympic park. #SustainableCities
Many photos also reflect the vast difference between the aspirational city, and what most people actually live with.
 
We received photos of what many of us may categorize as rural areas, but we should reconsider these preconceptions: some “cities” in developing countries are little more than makeshift towns.
 
So, it is all the more reason why we are excited about this winning photo by Oyewolo Eyitayo from Nigeria. You might think this is an uneventful photograph of a typical urban suburb. Except that the half dirt roads are lined with solar panels.
 
Oyelowo Eyitayo (Nigeria) – Winner
Going solar is a simple & impactful #climateaction that can help combat climate change. #SustainableCities

Israel: How meeting water challenges spurred a dynamic export industry

Scott Michael Moore's picture
The Sorek Desalination Plant is the world's
biggest seawater desalination plant.

We’re used to talking about how the failure to invest in water management can impede economic growth, but the positive case for water management investments can be just as compelling. With support from the Israeli government, my colleagues and I recently took a study tour to Israel, and what we saw on the ground showed that combining policy and technology can lead not only to better local water management, but also result in a multi-billion dollar, export-driven industry. 

 

International Debt Statistics 2018 shows BRICs doubled bilateral lending commitments to low-income countries in 2016 to $84 billion

World Bank Data Team's picture
The 2018 edition of International Debt Statistics (IDS) has just been published.

IDS 2018 presents statistics and analysis on the external debt and financial flows (debt and equity) of the world’s economies for 2016. It provides more than 200 time series indicators from 1970 to 2016 for most reporting countries. To access the report and related products you can:

This year’s edition is released less than 10 months after the 2016 reference period, making comprehensive debt statistics available faster than ever before. In addition to the data published in multiple formats online, IDS includes a concise analysis of the global debt landscape, which will be expanded on in a series of bulletins over the coming year.

Why monitor and analyze debt?

The core purpose of IDS is to measure the stocks and flows of debts in low- and middle-income countries that were borrowed from creditors outside the country. Broadly speaking, stocks of debt are the current liabilities that require payment of principal and/or interest to creditors outside the country. Flows of debt are new payments from, or repayments to, lenders.

These data are produced as part of the World Bank’s own work to monitor the creditworthiness of its clients and are widely used by others for analytical and operational purposes. Recurrent debt crises, including the global financial crisis of 2008, highlight the importance of measuring and monitoring external debt stocks and flows, and managing them sustainably. Here are three highlights from the analysis presented in IDS 2018:

Net financial inflows to low-and middle income countries grew, but IDA countries were left behind

In 2016, net financial flows into low- and middle-income countries grew to $773 billion - a more than three-fold increase over 2015 levels, but still lower than levels seen between 2012 and 2014.

However, this trend didn’t extend to the world’s poorest countries. Among the group of IDA-only countries, these flows fell 34% to $17.6 billion - their lowest level since 2011. This fall was driven by drops in inflows from bilateral and private creditors.

The Global Infrastructure Facility: What is it really and what have we been doing?

Towfiqua Hoque's picture

Photo: Ashim D'silva | Unsplash 

From “Billions to Trillions”, to the Hamburg Principles and Ambitions, to Maximizing Finance for Development (MFD), mobilizing private capital to deliver on the sustainable development agenda is in the spotlight. Realizing that constrained public and multilateral development bank (MDB) funding cannot fully address the critical challenges that developing nations face, the World Bank Group is pursuing private sector solutions whenever they can help achieve development goals, in order to reserve scarce public finance for when it’s needed most. This is especially true in the delivery of infrastructure.
 

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