The World Bank has reportedly revised its policy towards the GCC region, saying that regional banks "must keep up" with the new financial systems.
Executive Director for the World Bank, Middle East, Mahdi Ismail Al Jazzaf, stated that the International Finance Corporation (IFC) "will offer $300 million refundable aid to the Middle East and GCC private sector this year."
He added that the IFC is concentrating of developing partnerships with the GCC private sector, especially in emerging financial markets.
Jazzaf pointed out that several firms in GCC the already have loans through the IFC, according to Gulf News.
"Let us not forget that GCC countries are shareholders in the World Bank and they deserves to benefit from the bank services," he added.
According to Jazzaf, Ras Al Khaimah Ceramic Company has applied for a new loan along with the Saudi British Bank, which borrowed $50 million for a residential property project.
