Interview with Ousmane Dione, Vice President for the Middle East and North Africa at the World Bank

In this interview with Economy Middle East, Ousmane Dione, vice president for the Middle East and North Africa at the World Bank, discusses the recently signed agreement for the Pan-Arab Electricity Market and its significance for the region.

“Between 2018 to 2035, just by enforcing and implementing the Pan-Arab electricity market, countries will be able to save between 107 billion U.S. dollars to 196 billion U. S. Dollars in terms of investment, which they should have undertaken if the Pan-Arab electricity market didn’t happen,” says Dione.

He also discusses the role the World Bank plays in supporting the Pan-Arab electricity market, and how it aligns with the bank’s broader strategy in the region.

One of the aspects of the World Bank’s engagement in the Pan-Arab electricity market agenda was related to looking at the potential of renewables in the region.

“The region is well endowed with renewable energy resources. By helping countries to better define and design better policies, better regulations… They were able to set high milestones on the way they could develop much more renewable energy. And in doing so, there are two factors which are also crucial. One is related to the job creation and opportunities that this agenda is bringing” says Dione.

“We estimate that a country like Egypt will be able to create up to 2 million jobs in this agenda. A country like Morocco will be able to create up to 700,000 jobs in this agenda. And all of that will contribute somehow to the way the economy of the region prospers,” he adds.

For more insights watch the full interview.