The Middle East is building a knowledge economy to foster sustainable economic growth and promote the welfare of its people, according to the World Bank. Much has been achieved in the region in education and information and communication technology infrastructures and services but progress can still be made in private sector development.

Ms. Shamshad Akhtar, World Bank’s Middle East and North Africa Vice President, says the World Bank is supporting endeavors to develop and promote better understanding of the advantages and merits of a knowledge economy and how to nurture and foster cross-country collaboration to build knowledge economies. The World Bank has launched the Arab World Initiative (AWI) to address the impediments that are holding back regional economic integration including inadequate cross border infrastructure. These issues - if addressed - would provide a larger context and ground for promoting knowledge economies in the Arab World.