Washington: World Bank Group President Ajay Banga announced yesterday the formation of expert groups to develop reconstruction plans for the Gaza Strip and Ukraine. This decision follows the initiation of the first phase of an agreement to end the two-year Israeli aggression on the Gaza Strip.

According to National Iraqi News Agency, Banga detailed that the Bank has engaged regional specialists from both the public and private sectors to create these reconstruction plans. He emphasized that "the Gaza Group is currently coordinating with active partners in the region," underscoring that reconstruction is a fundamental component of the World Bank's mission, which it endeavors to provide wherever and whenever necessary.

Banga further highlighted the potential for peace in conflict zones worldwide, such as Syria, Gaza, and beyond, including the Democratic Republic of the Congo, Sudan, Ukraine, Yemen, and other regions. He pointed out a significant demographic shift expected by 2050, where more than 85% of the world's population will reside in developing countries. Additionally, he noted the impending challenge of 1.2 billion young individuals entering the job market in the next decade or so, creating a substantial gap between job supply and demand.

The World Bank has pinpointed five critical sectors for job creation: infrastructure, energy, agriculture, agribusiness, healthcare, tourism, and manufacturing, including vital minerals. Over the past two years, the Bank has launched strategic initiatives across these areas, aiming for interconnected and integrated plans that harness the full capabilities of the World Bank Group in collaboration with international partners.

The annual meetings of the World Bank Group and the International Monetary Fund, which commenced in Washington on October 13, are set to conclude today. The United Nations has assessed the urgent reconstruction needs of the Gaza Strip to cost approximately $70 billion, in conjunction with the European Union and the World Bank.