World Bank Officials: Cooperation in the Region Targets Development, Climate Protection

World Bank officials Paul Noumba Um and Marina Weiss (Asharq Al-Awsat)
World Bank officials Paul Noumba Um and Marina Weiss (Asharq Al-Awsat)
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World Bank Officials: Cooperation in the Region Targets Development, Climate Protection

World Bank officials Paul Noumba Um and Marina Weiss (Asharq Al-Awsat)
World Bank officials Paul Noumba Um and Marina Weiss (Asharq Al-Awsat)

World Bank officials stressed that climate challenges in the Middle East included water scarcity, food shortage, and energy security, noting that the Saudi Green Initiative was an example to follow in order to address these threats.

Asharq Al-Awsat interviewed Paul Noumba Um, the Regional Director of the World Bank’s Infrastructure Department in the MENA region, and Marina Weiss, Regional Director for Egypt, Yemen, and Djibouti, on the sidelines of the COP27 in Sharm el-Sheikh.

The two officials noted that the Bank paid great attention to the Middle East and North Africa region, saying that during the past year, it contributed about $32 billion in support to developing countries’ climate response.

“We believe that the climate problem is the most pressing issue of our time and for future generations, and (doing nothing) is not an option...Part of our action and our goal during our participation in COP27 is that we should not look at addressing climate change from the point of view of costs, but as a great opportunity that can be invested to obtain a better life…” they said.

Water scarcity

The two World Bank officials added: “In the Middle East and North Africa, 6 out of 10 people suffer from water scarcity. This is the main output of our analysis during the Country Climate Diagnostic Report, which highlighted this result in Morocco, Egypt, Jordan, and Iraq.”

Both Noumba Um and Weiss emphasized that water scarcity was a huge challenge. “If we do not deal with it properly, it may cause a violent mass displacement of the population to other areas, which in turn may be affected as a result of displacement and an increase in density compared to the available water,” they warned.

They said that it might also cause damage to life and the economy in large areas, as it may reduce national income between 3 and 6 percent by 2050.

“Water scarcity is reflected, of course, on food security, which is the second problem that is no less important,” they said.

The third challenge, according to the two officials, is energy security.

They noted that the MENA region was a sunny area that enjoyed the necessary land and manpower to use for energy transition.

Serious initiatives

On the Saudi Green initiatives, the two officials emphasized that Saudi Arabia and the Gulf States were seeking to address the three challenges of water, food, and energy.

They added that the Gulf countries have the largest reserves of oil and gas, “and most of them now possess - and are working on - technologies to reduce emissions from fossil energy... which goes in parallel with our efforts in the SCALE initiative, for example.”

Moreover, Noumba Um and Weiss pointed to progress in the production of green and blue hydrogen in the Gulf through technologies that are compatible with climate protection.

“So we conclude that the Gulf countries are on the right track, and have taken the agenda of dealing with climate change very seriously and as a high priority,” they remarked.

Extensive Efforts

Asked about the support provided by the World Bank to the MENA region, the two officials said: “We, with our partners, provided developing countries last year with about $32 billion to confront climate challenges.”

They noted that around half of the budget was dedicated to adaptation efforts, while the other part was for damage mitigation.

“This amount represents about 35 percent of our total financing during that period, which shows the extent of the Bank’s interest in climate issues,” they underlined.

The Bank also launched a new initiative called, SCALE, a new multi-partner fund to help reduce emissions, which will benefit the region and other developing countries.

Facing Displacement

On the World Bank’s efforts to face the problem of displacement, the two officials said: “We try primarily to prevent this from happening... We try to alert governments to the upcoming danger through our research and analysis, even if we are dealing with a fragile society (in conflict areas for example). We are also seeking to provide these societies with the necessary technologies and programs to resolve the crisis or stop its deterioration.”

Noumba Um praised the positive energy and active and broad participation from all parties at COP27.

“I don’t like to anticipate the results, because the challenges and files here are enormous,” he said, underlining the need to unify efforts “because we have no other options.”

He pointed out that some countries were facing existential crises.

“For example, water scarcity in Jordan has exceeded the maximum level ever recorded and allowed internationally,” he warned, saying that the country needed international and regional assistance to overcome the crisis and “to reduce water wastage and preserve every drop by all means.”



Japan Sets $19 Billion Business Target in Central Asia

TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov,  Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025.     David MAREUIL/Pool via REUTERS
TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov, Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025. David MAREUIL/Pool via REUTERS
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Japan Sets $19 Billion Business Target in Central Asia

TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov,  Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025.     David MAREUIL/Pool via REUTERS
TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov, Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025. David MAREUIL/Pool via REUTERS

Japan unveiled a five-year goal on Saturday for business projects totalling $19 billion in Central Asia as Tokyo vies for influence in the resource-rich region.

The announcement came after Prime Minister Sanae Takaichi hosted an inaugural summit with the leaders of five Central Asia nations -- Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan -- in Tokyo.

Japan "set a new target of business projects at a total amount of 3 trillion yen in 5 years in Central Asia", a joint statement said after Takaichi wrapped up her meeting with the five leaders.

Like the United States and the European Union, Japan is drawn by the region's enormous, but still mostly unexploited, natural resources in a push to diversify rare earths supplies and reduce dependence on China, AFP reported.

"It is important for Central Asia, blessed with abundant resources and energy sources, to expand its access to international markets," the statement said.

The leaders agreed to promote cooperation that can help the "strengthening of critical minerals supply chains", while also pledging to achieve economic growth and decarbonisation.

They also held separate summits with Russia's Vladimir Putin, China's Xi Jinping and EU chief Ursula von der Leyen this year.

The summit was seen as important for Japan to increase its presence in the region, said Tomohiko Uyama, a professor at Hokkaido University specializing in Central Asian politics.

"Natural resources have become a strong focus, particularly in the past year, because of China's moves involving rare earths," Uyama told AFP on Friday, referring to tight export controls introduced by Beijing this year.

The leaders agreed on Saturday to expand cooperation regarding "Trans-Caspian International Transport Route", a logistics network connecting to Europe without passing through Russia.

Efforts towards "safe, secure, and trustworthy Artificial Intelligence" were also agreed.

Tokyo has long encouraged Japanese businesses to invest in the region, although they remain cautious.

Xi visited Astana in June, and China -- which shares borders with Kazakhstan, Kyrgyzstan and Tajikistan -- has presented itself as a main commercial partner, investing in huge infrastructure projects.

The former Soviet republics still see Moscow as a strategic partner but have been spooked by Russia's invasion of Ukraine.

Other than rare earths, Kazakhstan is the world's largest uranium producer, Uzbekistan has giant gold reserves and Turkmenistan is rich in gas.

Mountainous Kyrgyzstan and Tajikistan are also opening up new mineral deposits.

However, exploiting those reserves remains complicated in the harsh and remote terrains of the impoverished states.


World Bank Approves $700 Million for Pakistan's Economic Stability

A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD
A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD
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World Bank Approves $700 Million for Pakistan's Economic Stability

A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD
A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD

The World Bank said on Friday that it has approved $700 million in financing for Pakistan under a multi-year initiative aimed at supporting the country's macroeconomic stability and service delivery.

The funds will be released under the bank's Public Resources for Inclusive Development - Multiphase Programmatic ⁠Approach (PRID-MPA), which could provide up to $1.35 billion in total financing, the lender said. Of this amount, $600 million will go for federal programs and $100 million will ⁠support a provincial program in the southern Sindh province.

The approval follows a $47.9 million World Bank grant in August to improve primary education in Pakistan's most populous Punjab province.

In November, an IMF-World Bank report, uploaded by Pakistan's finance ministry, said Pakistan's fragmented ⁠regulation, opaque budgeting and political capture are curbing investment and weakening revenue. Regional tensions may surface over international financing for Pakistan.

In May, Reuters reported that India would oppose World Bank funding for Pakistan, citing a senior government source in New Delhi.


Oil Set for Second Straight Weekly Decline on Supply Outlook

A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
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Oil Set for Second Straight Weekly Decline on Supply Outlook

A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol

Oil prices rose on Friday but were poised for a second straight weekly decline as a potential supply glut and prospects of a Russia-Ukraine peace deal limited gains driven by concerns over disruptions from a blockade of Venezuelan tankers.

Brent crude futures were up 52 cents, or 0.87%, at $60.34 a barrel by ‌1357 GMT ‌while US West Texas Intermediate crude ‌rose ⁠51 ​cents, ‌or 0.9%, to $56.66.

On a weekly basis, the Brent and WTI benchmarks were down 1.3% and 1.4% respectively, according to Reuters.

"That we're ⁠staying down at these levels indicates that the market is awash with ‌oil right now," said Ole Hansen, ‍head of commodity strategy at ‍Saxo Bank. "There's enough oil to mitigate any disruptions."

Uncertainty over ‍how the US would enforce President Donald Trump's intent to block sanctioned tankers from entering and leaving Venezuela tempered geopolitical risk premiums, IG analyst Tony Sycamore said.

Venezuela, which pumps about 1% ​of global oil supplies, on Thursday authorised two unsanctioned cargoes to set sail for China, said two ⁠sources familiar with Venezuela's oil export operations.

Optimism over a potential US-led Ukraine peace deal also eased supply risk concerns, Sycamore said.

However, Bank of America analysts said they expect lower oil prices to curb supply, which could stop prices from going into freefall.

Investors also watched developments in Russia's war in Ukraine after Kyiv ramped up attacks on Russia's energy infrastructure. Ukraine struck a "shadow fleet" oil tanker in the Mediterranean Sea with aerial drones for the first time, ‌a Ukrainian official said on Friday.