World Bank: Arab countries asked for help in retrieving smuggled funds

Some North African Arab countries have resorted to the World Bank to help them recover money illegally smuggled out of the country by former officials and deposited in international banks, particularly those located in Switzerland, said World Bank Director General Robert Zoellick, who declined to identify other countries.

The bank previously announced it would be granting the Egyptian government US$630 million in aid to help it finance agricultural, infrastructure and technology projects.

In a statement made during the World Bank’s meetings with the International Monetary Fund (IMF) in Washington, DC on Sunday, Zoellick said that US$200 million would be received during the current fiscal year to fund vital projects during the current transition period.

Meanwhile, IMF Director Christine Lagarde said the IMF has received additional requests for aid in fields of technology, especially from the Middle East and North African countries due to the historic transformation they are currently undergoing.

Lagarde went on to say that the IMF would provide Egypt with aid aimed at modernizing the taxation system.

Translated from the Arabic Edition

Related Articles

Back to top button