private sector ‘must help arab world bridge 100bn investment gap’
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Private sector ‘must help Arab world bridge $100bn investment gap’

Arab Today, arab today

Arab Today, arab today Private sector ‘must help Arab world bridge $100bn investment gap’

European Commissioner for Transport Violeta Bulc
The Dead Sea , Jordan - Arab Today

The private sector must help the Middle East and North African countries meet a $100 billion infrastructure investment bill in the coming years, a special session heard at the World Economic Forum’s (WEF) regional meeting in Jordan.
Kito de Boer, the outgoing head of mission for the Office of the Quartet mediating in the Israel-Palestine conflict, said that the region lacked a development bank such as those that operate in other parts of the world to channel investment funds into infrastructure projects.
“Everybody else is doing it, the Chinese, the Russians, the Turks, Africans and Europeans, but lots of Western banks have pulled out of the Middle East. The challenge is how to keep investment in the region and to collect capital in the most cost-effective way,” he said.
He added that even the Americans were now seeking to attract foreign capital, in the light of the plans being discussed in Riyadh between President Donald Trump and Saudi Arabia’s policymakers to make big investments in the US infrastructure.
To meet growth targets, the region needs to double its infrastructure investment to 10 percent of gross domestic product (GDP) per year. But the low oil price and resulting pressure on government budgets mean that the public sector is struggling to meet that target.
Imad Fakhoury, Jordanian minister of planning and international cooperation, said that private infrastructure investment was critical for the country as a non-oil producer and that it had attracted $10 billion in the past 10 years, one of the highest proportional amounts in the world.
He pointed to the Queen Alia International Airport in Amman as a good example of how public-private partnership (PPP) could work effectively. He contrasted it with the airport in Cairo, which was built by public funds.
The panel heard from Violeta Bulc, the European commissioner for transport, which is seeking to help implement the “Juncker Plan” named after the European Commission President Jean-Claude Juncker. This is seeking $300 billion of funding for infrastructure investment and is actively trying to attract private funding into it.
“We need $100 billion of investment each year for the next three years. There is no way the EU members can do that, so we have put in place a special plan for private participation,” Bulc said.
Hassan Al-Thawadi, secretary-general of Qatar’s supreme committee for the 2022 FIFA World Cup, said that a new PPP law was being drawn up in the country to attract private involvement in the big plans for football stadia and transport systems. “Everything is being done to ensure that the facilities will have a use after the World Cup,” he said.
Al-Thawadi said that one of the stadia would be offered to private developers with the option to create residential, leisure and retail facilities after the event.
Dimitris Tsitsiragos, vice president of the International Finance Corporation, conceded there were obstacles to attracting private investment into the Middle East. “The challenge of institutional investment is to put together bankable projects. Most banks now are out of international projects.”

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

private sector ‘must help arab world bridge 100bn investment gap’ private sector ‘must help arab world bridge 100bn investment gap’

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

private sector ‘must help arab world bridge 100bn investment gap’ private sector ‘must help arab world bridge 100bn investment gap’

 



GMT 12:48 2016 Sunday ,27 November

Cilic, Dodig push Croatia to brink of Davis Cup

GMT 05:24 2017 Thursday ,28 December

Erdogan says 'terrorist' Assad cannot be part of Syria

GMT 12:59 2016 Saturday ,05 November

WB welcomes economic reforms in Egypt

GMT 18:40 2016 Saturday ,05 November

Egyptian GDRs in London down

GMT 10:57 2017 Wednesday ,06 December

Peru striker Guerrero has doping ban extended

GMT 17:51 2017 Tuesday ,07 March

Trump Signs New Travel Ban on Six Muslim Countries

GMT 10:30 2017 Wednesday ,06 September

Saudi Information Ministry praises media role during Hajj

GMT 15:29 2017 Tuesday ,24 January

Mind games really do help your brain

GMT 06:55 2015 Thursday ,01 October

Boston Red Sox beat Yankees

GMT 08:17 2017 Monday ,28 August

Bahrain celebrates World Humanitarian Day 2017

GMT 02:07 2017 Tuesday ,28 February

Opposition seeks Russian support at Syria talks

GMT 11:06 2017 Wednesday ,27 December

Bahrain tourism projects valued at over $ 13 billion

GMT 20:35 2011 Tuesday ,10 May

New exhibition of Islamic ornaments

GMT 19:52 2016 Friday ,19 August

Nice joins wave of French towns banning burkinis

GMT 03:46 2017 Wednesday ,06 September

US-backed Syrian forces seize Raqqa mosque

GMT 22:22 2017 Friday ,15 December

BDF Military Museum open on National Day

GMT 09:47 2015 Wednesday ,02 December

Ryanair launches court action against Google, eDreams

GMT 10:46 2017 Wednesday ,22 March

Japan's February trade surplus hits multi-year high
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday