WB-ARAB LEAGUE UNDERSTANDING

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STORY: WB-ARAB LEAGUE UNDERSTANDING DATELINE: Jan. 19, 2011 LENGTH: 0:01:18 LOCATION: Sharm El-Sheikh PKG Intro: The Arab League and World Bank signed a memorandum of understanding. It should strengthen their collaboration for economic and social development in the Arab world. Pkg: According to the understanding, the World Bank will provide financing service for development projects of all Arab countries. The capital will mainly come from comparatively rich countries. The understanding was signed between Arab League Secretary-General Amr Mousa and Mahmoud Mohieldin, managing director of the World Bank. Signing the pact is a step towards implementing the Arab World Initiative, the first overall cooperation between the two that promotes economic cooperation and integration among Arab countries. World Bank officials say the total amount of funds is still under consideration. The Arab World Initiative will focus on three strategic fields. SOUNDBITE (ARABIC): MAHMOUD MOHIELDIN, WORL Powered by www.newslook.com Producer : Xinhua News Agency

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