World Bank extends $5 million to MENA environment fund

The World Bank has extended $5 million, through its branch "International Finance Corporation," to the environment fund for the Middle East and North Africa (MENA) whose capital is $50 million.

The IFC announced in its 1999 annual report that it approved the contribution of $5 million in joint investments with other partners for the fund projects.

The fund, the first of the kind, is seeking to consolidate economic development while protecting the region's natural resources and cultural heritage. It undertakes varied and numerous actions on the rational use of energy, water resources supply and preservation, waste water treatment, pollution prevention and reduction technologies.

Recipient countries are Palestine, Egypt, Lebanon, Morocco and Tunisia where local advisors are working with the IFC to identify and assess needed projects.