The World Bank and IsDB partnership was unveiled on the sidelines of the Future Investment Initiative summit in Riyadh. AFP
The World Bank and IsDB partnership was unveiled on the sidelines of the Future Investment Initiative summit in Riyadh. AFP
The World Bank and IsDB partnership was unveiled on the sidelines of the Future Investment Initiative summit in Riyadh. AFP
The World Bank and IsDB partnership was unveiled on the sidelines of the Future Investment Initiative summit in Riyadh. AFP

World Bank and Islamic Development Bank to offer up to $6bn in funding for Mena projects


Fareed Rahman
  • English
  • Arabic

The World Bank and Jeddah-based Islamic Development Bank (IsDB) are teaming up to support projects in the Mena region that could involve up to $6 billion in financing until 2026.

As part of the partnership, the two lenders will focus on improving the lives of people in the region through better management of water, energy and food resources in the face of threats posed by climate change, the World Bank said on Wednesday.

They will also focus on empowering women and young people with skills to grow in jobs and participate in the digital transition, as well as drive greater regional and cross-border trade and co-operation.

Miga, the political-risk insurance arm of the World Bank, will collaborate closely with the IsDB to mitigate political risk, alongside the World Bank’s International Finance Corporation, which will work to draw in more private sector investment.

The partnership was unveiled on the sidelines of the Future Investment Initiative summit in Riyadh.

“The World Bank is recruiting new partners and reimagining partnerships,” World Bank President Ajay Banga said.

The World Bank is seeking to strengthen partnerships with financial institutions globally and aims to expand the scope of lending to include climate finance, as well as cheaper and longer maturity funding.

In August, it unveiled a partnership with the Inter-American Development Bank to boost support for net-zero-deforestation efforts in the Amazon, strengthen the Caribbean’s resilience to natural disasters and bridge the digital-access gap across Latin America and the Caribbean.

During this month’s World Bank-International Monetary Fund Annual Meetings, the Washington-based lender also announced a collaboration with nine multilateral development banks, including the African Development Bank, the Asian Development Bank and the Asian Infrastructure Investment Bank.

The move is intended to increase financing, boost collective efforts on climate, enhance country-level co-ordination, strengthen joint financing and stimulate private sector engagement.

“Our member countries continue to face overlapping crises in an increasingly uncertain global landscape, making a compelling case for multilateral development banks to respond together,” IsDB president Muhammad Al Jasser, said.

The IsDB, which was founded in 1975, aims to foster economic development and the social progress of member countries and Muslim communities in non-member countries.

The bank’s main function is to provide various forms of development assistance for poverty alleviation and human development while forging economic co-operation and enhancing the role of Islamic finance in the social and economic development of member countries, according to its corporate profile.

In May, the IsDB approved $5.4 billion in development financing for projects in 24 member countries as it seeks to bridge funding gaps in critical sectors.

The new partnership with the World Bank “walks the talk, with a new sense of urgency and determination to give opportunities and hope to the people we serve”, Mr Al Jasser said.

Cracks in the Wall

Ben White, Pluto Press 

Directed by: Craig Gillespie

Starring: Emma Stone, Emma Thompson, Joel Fry

4/5

If you go

The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes.


The car
Hertz offers compact car rental from about $300 (Dh1,100) per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.


The national park
Entry to Mount Rainier National Park costs $30 for one vehicle and passengers for up to seven days. Accommodation can be booked through mtrainierguestservices.com. Prices vary according to season. Rooms at the Holiday Inn Yakima cost from $125 per night, excluding breakfast.

The specs
Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

Torque: 320Nm at 1,750-4,000rpm

Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

On sale: now 

While you're here
MATCH INFO

Quarter-finals

Saturday (all times UAE)

England v Australia, 11.15am 
New Zealand v Ireland, 2.15pm

Sunday

Wales v France, 11.15am
Japan v South Africa, 2.15pm

The biog

Name: Capt Shadia Khasif

Position: Head of the Criminal Registration Department at Hatta police

Family: Five sons and three daughters

The first female investigator in Hatta.

Role Model: Father

She believes that there is a solution to every problem

 

TEAMS

US Team
Dustin Johnson, Jordan Spieth
Justin Thomas, Daniel Berger
Brooks Koepka, Rickie Fowler
Kevin Kisner, Patrick Reed
Matt Kuchar, Kevin Chappell
Charley Hoffman*, Phil Mickelson*

International Team
Hideki Matsuyama, Jason Day 
Adam Scott, Louis Oosthuizen
Marc Leishman, Charl Schwartzel
Branden Grace, Si Woo Kim
Jhonattan Vegas, Adam Hadwin
Emiliano Grillo*, Anirban Lahiri*

denotes captain's picks

 

 

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD5
%3Cp%3E%3Cstrong%3EMain%20display%3A%3C%2Fstrong%3E%207.6%22%20QXGA%2B%20Dynamic%20Amoled%202X%2C%20Infinity%20Flex%2C%202176%20x%201812%2C%2021.6%3A18%2C%20374ppi%2C%20HDR10%2B%2C%20up%20to%20120Hz%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECover%20display%3A%3C%2Fstrong%3E%206.2%22%20HD%2B%20Dynamic%20Amoled%202X%2C%202316%20x%20904%2C%2023.1%3A9%2C%20402ppi%2C%20up%20to%20120Hz%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Qualcomm%20Snapdragon%208%20Gen%202%2C%204nm%2C%20octa-core%3B%20Adreno%20740%20GPU%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%2012GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201TB%20(online%20exclusive)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20Android%2013%2C%20One%20UI%205.1.1%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Triple%2012MP%20ultra-wide%20(f%2F2.2)%20%2B%2050MP%20wide%20(f%2F1.8)%20%2B%2010MP%20telephoto%20(f%2F2.4)%2C%20dual%20OIS%2C%203x%20optical%20zoom%2C%2030x%20Space%20Zoom%2C%20portrait%2C%20super%20slo-mo%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%208K%4024fps%2C%204K%4060fps%2C%20full-HD%4060%2F240fps%2C%20HD%40960fps%3B%20slo-mo%4060%2F240%2F960fps%3B%20HDR10%2B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECover%20camera%3A%3C%2Fstrong%3E%2010MP%20(f%2F2.2)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInner%20front%20camera%3A%3C%2Fstrong%3E%20Under-display%204MP%20(f%2F1.8)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%204400mAh%2C%2025W%20fast%20charging%2C%2015W%20wireless%2C%204.5W%20reverse%20wireless%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%205G%3B%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%20(Samsung%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Nano-SIM%20%2B%20eSIM%3B%20dual%20nano-SIMs%20%2B%20eSIM%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Cream%2C%20icy%20blue%2C%20phantom%20black%3B%20online%20exclusives%20%E2%80%93%20blue%2C%20grey%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20Fold5%2C%20USB-C-to-USB-C%20cable%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh6%2C799%20%2F%20Dh7%2C249%20%2F%20Dh8%2C149%3C%2Fp%3E%0A
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
JAPANESE GRAND PRIX INFO

Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday 

Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD

The specs

Engine: 3.0-litre flat-six twin-turbocharged

Transmission: eight-speed PDK automatic

Power: 445bhp

Torque: 530Nm

Price: Dh474,600

On Sale: Now

How Voiss turns words to speech

The device has a screen reader or software that monitors what happens on the screen

The screen reader sends the text to the speech synthesiser

This converts to audio whatever it receives from screen reader, so the person can hear what is happening on the screen

A VOISS computer costs between $200 and $250 depending on memory card capacity that ranges from 32GB to 128GB

The speech synthesisers VOISS develops are free

Subsequent computer versions will include improvements such as wireless keyboards

Arabic voice in affordable talking computer to be added next year to English, Portuguese, and Spanish synthesiser

Partnerships planned during Expo 2020 Dubai to add more languages

At least 2.2 billion people globally have a vision impairment or blindness

More than 90 per cent live in developing countries

The Long-term aim of VOISS to reach the technology to people in poor countries with workshops that teach them to build their own device

US tops drug cost charts

The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.

Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.

In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.

Some of the costliest drugs worldwide include Lipitor for high cholesterol. 

The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.

High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.

Uefa Nations League: How it works

The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.

The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.

Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.

UAE currency: the story behind the money in your pockets
It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Don't get fined

The UAE FTA requires following to be kept:

  • Records of all supplies and imports of goods and services
  • All tax invoices and tax credit notes
  • Alternative documents related to receiving goods or services
  • All tax invoices and tax credit notes
  • Alternative documents issued
  • Records of goods and services that have been disposed of or used for matters not related to business
Global Fungi Facts

• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil

Updated: October 25, 2023, 7:11 AM`