“The Saudi Fund for Development (SFD) signed a Contribution Agreement on Thursday with the International Bank for Reconstruction and Development (the World Bank, as Trustee) representing a $25 million grant contribution to the MENA Transition Fund,” MENA Transition Fund announced yesterday.

The Contribution Agreement was signed by Mr. Ahmed M. Al-Ghannam, Director General, Saudi Export Program, SFD, and by Mr. Joachim von Amsberg, Vice President, Concessional Finance and Global Partnerships, World Bank.

“The Deauville Partnership was launched by donor and transition countries as a response to the historic changes underway in several countries in the Middle East and North Africa region,” said Al-Ghannam.

“The fund is designed to support countries in transition through formulating adequate policies and programs and implementing necessary reforms. Most importantly the MENA Transition Fund aims to improve the lives of citizens in transition countries, strengthen governance and public institutions, and foster sustainable and inclusive economic growth.”

“The World Bank is pleased to support this important partnership,” said von Amsberg. “We continue to seek new ways to work more inclusively with our partners to maximize the impact of knowledge and financing on critical initiatives such as this.”

The MENA Transition Fund, established by the Deauville Partnership, provides grants aimed at improving governance, investment and job creation in countries in transition in the Arab world, namely, Jordan, Egypt, Libya, Morocco, Tunisia, and Yemen.

Donors have pledged $165 million towards an overall funding envelope of $250 million. The World Bank hosts the fund’s Coordination Unit and acts as its Trustee.