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How Islamic finance can boost infrastructure development

Joaquim Levy's picture
Queen Alia International Airport, Jordan. © littlesam/Shutterstock
Queen Alia International Airport, Jordan. © littlesam/Shutterstock

For example, power generation capacity per person in these countries is only one-fifth that of advanced economies. We know that expanding infrastructure investment in economic and social services is an effective way both to promote inclusive growth and to foster local resilience to global shocks. In particular, . Given the scale of resources needed to address the infrastructure investment gap, mobilizing the private sector for this goal has become imperative, especially in countries where financial transactions in banking and capital markets follow Islamic law (or shari’ah) principles.
 
They define an asset-oriented system of ethical financial intermediation built on the in lawful activities (halal) rather than rent-seeking gains. This “” approach by investors requires a high degree of transparency and creates incentives to monitor projects more carefully, which, in turn, strengthen the efficiency in building and operating infrastructure.

Refugee crisis: What the private sector can do

Jim Yong Kim's picture
© World Bank Group
© World Bank Group

Almost 85 percent of them are hosted by low or middle countries with limited resources such as Jordan, Ethiopia, Uganda, Turkey, and Bangladesh. These countries face enormous challenges in meeting the needs of refugees while continuing to grow and develop themselves. 

I visited Jordan in 2014 and 2016 and was struck by the generosity and hospitality of this small, middle-income country, which accepted the influx of more than 740,000 refugees of the Syrian war and other conflicts (and that only counts the number officially registered by the UN Refugee Agency!) In 2017, Jordan had  –the second-highest concentration in the world. Its services and economy were under tremendous strain. The refugees themselves were frustrated by lack of opportunity to support themselves.  

Time to focus on water management in Arab world as source of growth and stability

Anders Jagerskog's picture


In Gaza, the drinking water tastes like seawater. Years of neglect and poor management, due in large part to recurring conflicts, has led to the steady depletion of Gaza’s natural aquifer. The empty aquifer has been invaded by seawater and, alarming for public health, untreated sewage. A series of droughts that struck Syria from 2006 onwards destroyed the livelihoods of millions of Syrians who relied on agriculture.  The United Nations (UN) estimated that between 2008 and 2011, the drought affected 1.3 million people, with 800 000 people “severely affected.” People were forced from their land, poverty levels rose, and part of the population was plunged into deep food insecurity.

5 inspirational youth you should follow this #YouthDay 

Bassam Sebti's picture
Refugees take wood working courses at the Kalobeyei Youth Training Center in Kalobeyei, Kenya.
© Dominic Chavez/International Finance Corporation

But what happens when young people under 25—who make up 42% of the world’s population – lack safe spaces in which they can thrive?
 

 
That's why the United Nations theme for  this year focuses on “Safe Spaces for Youth.” These are spaces where young people can safely engage in governance issues, participate in sports and other leisure activities, interact virtually with anyone in the world, and find a haven, especially for the most vulnerable.

Stories of success: We-Fi’s Women Entrepreneurs Reporting Award

Priya Basu's picture
 
Amanda Burrell, Documentary Filmmaker. © World Bank
Amanda Burrell, documentary filmmaker, receiving the award. © 2018 One World Media Awards


 The program, led by the German government, led to the formation of a women’s cooperative that bids for commercial contracts in schools, mosques, and government agencies.
 
A produced for Al Jazeera showcases how these women are not only challenging stereotypes by thriving in the male-dominated profession of plumbing, but also implementing a range of water management techniques for their communities.
 
 Trained women receive toolboxes and funding for outreach to disseminate information within their community and reach at least 20-25 other women.
 
The film was just awarded the Women Entrepreneurs Journalism Award, sponsored by the , as part of the . The award covers broadcast, digital, film or print journalism that explores women’s entrepreneurship in developing countries. Reporting can showcase stories of successful female entrepreneurs, the challenges women face in trying to start or grow their businesses, and/or the critical role that women entrepreneurs play in economic development by boosting growth and creating jobs. 

In World Bank art exhibition, artists unpack displacement stories

Juliana J Biondo's picture
Installation shot of Unpacked, a mixed media sculpture by Mohammad Hafez and Ahmed Badr. © Bassam Sebti/World Bank
Installation shot of Unpacked, a mixed media sculpture by Mohammad Hafez and Ahmed Badr. © Bassam Sebti/World Bank

As the for refugees, internationally displaced people, and their host communities, This exhibition showcased the creative voices of those artists touched by the refugee crisis, or those artists who were refugees themselves.

Artist Marina Jaber from Iraq. © Bassam Sebti/World Bank
Artist Marina Jaber from Iraq. 

The Uprooted exhibition included a and featuring over 30 artists from places such as Bangladesh, Pakistan, Colombia, Lebanon, Iraq, Syria, Jordan, Central African Republic, Burundi, and Guinea.

One capstone of the exhibition was the construction of a shed intended to evoke the shelters found in places such as the Azraq Refugee Camp in Jordan. For the exhibition, the shed was enhanced with murals on its sides. Each mural was done by the hand of a different artist – , an artist from Jordan and son of Palestinian refugee parents, Marina Jaber from Iraq, a country with millions internally displaced people, Diala Brisly, a refugee from Syria, and Didier Kassai from the Central African Republic, a country in which violence and war have forced hundreds of thousands into displacement. 

Fiscal Transparency in the Arab World: Where is the money going?

Renaud Seligmann's picture


Continuing the dialogue and peer-to-peer exchange on the benefits and challenges to fiscal transparency is essential to sustaining the momentum for reform. The time for action is now — the Arab world has a chance to go from lagging to leading on fiscal transparency.

The invisible door: Three barriers limiting women’s access to work

Namita Datta's picture
Women’s labor force participation worldwide over the last two decades . (Photo: Tom Perry / World Bank)
How can we Press For Progress —the theme of — to improve women's opportunities at work? Despite progress on women’s health and education in the past few decades, the gender gap on access to jobs has remained a stubborn challenge.

The 2018 Fragility Forum: Managing risks for peace and stability

Franck Bousquet's picture
© Caroline Gluck/Oxfam


. Policy makers from developed and developing countries, practitioners from humanitarian agencies, development institutions and the peace and security communities, academics and representatives of the private sector will come together with the goal of increasing our collective impact in countries affected by fragility, conflict and violence (FCV).
 
The theme of the Forum, Managing Risks for Peace and Stability, reflects a strategic shift in how the global community addresses FCV – among other ways by putting prevention first. This renewed approach is laid out in an upcoming study done jointly by the World Bank and United Nations: Pathways for Peace: Inclusive Approaches to Preventing Violent Conflict. The study says the world must refocus its attention on prevention as a means to achieving peace. The key, according to the authors, is to identify risks early and to work closely with governments to improve response to these risks and reinforce inclusion.


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