73047
        MIDDLE EAST AND NORTH AFRICA (MENA) TRANSITION FUND
                 UNDER THE DEAUVILLE PARTNERSHIP
               WITH THE ARAB COUNTRIES IN TRANSITION
            REQUEST FOR ENGAGEMENT BY THE WORLD BANK

                                 CHAIR’S SUMMING UP ∗

                             Meeting of the Executive Directors

                                     September 25, 2012


      Executive Directors approved the proposal for the World Bank’s establishment of
the MENA Transition Fund under the Deauville Partnership as a Financial Intermediary
Fund on the terms and conditions set out in the President’s Memorandum (R2012-0183).

         Directors welcomed the alignment between the Transition Fund’s objectives and
priorities of the Bank and recipient governments in the region and overall mandate of the
Bank. They supported the Fund’s focus on sustainable growth, inclusive development
and job creation, and competitiveness and trade integration, and regional focus. They
underlined that collaboration between countries and development partners could possibly
be expanded should other transition and donor countries in the region join the Deauville
Partnership.

        Directors expressed support for the Bank’s multiple roles in establishing and
managing the Transition Fund including in trusteeship and financial management. The
Fund would complement other multilateral and bilateral initiatives by providing grants to
help strengthen governance and social and economic institutions. It will ensure further
collaboration and complementarity with development partners in the region. Directors
called for a strong results framework for the Fund to support the transformation currently
underway in several countries in the region. Directors appreciated that the Bank’s support
and assistance will be undertaken on a full-cost reimbursement basis. They also noted
that mechanisms have been put in place to ensure internal separation of functions, and to
manage risks.

        Directors look forward to regular updates on progress.




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 This summary is not an approved record.