Transforming finance in the Middle East and North Africa
By Rabah Arezki, Chief Economist for Middle East and North Africa Region at the World Bank and Lemma W. Senbet, The William E. Mayer Chair Professor of Finance, Robert H. Smith School of Business, University of Maryland, and Immediate Past Executive Director/CEO, African Economic Research Consortium
To overcome current challenges and seize the opportunity to leapfrog, the Middle East and North Africa (MENA) region needs to simultaneously embrace the technological tide transforming the global economy and clean energy development. This transformation calls for a dual transition: (a) decarbonisation of the economy—moving away from the use of fossil fuel as the main source of energy toward renewable energies; and (b) digitalisation— the digital transformation of traditional activities and the advent of new digital activities. To achieve the transition, MENA needs hundreds of billions of dollars of investment in quality projects, including in renewable energy and telecom sectors. MENA should aggressively join the global momentum for the use of clean, renewable energy (e.g., wind, solar, geothermal) to combat climate change. Likewise, it should aggressively develop the digital infrastructure that is also essential for the development of a digitised financial economy.
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