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Eight nations and the European Commission pledged a package of more than US$1 billion -- US$141 million in grants, US$1 billion in soft loans, US$500 million in guarantees – to a World Bank-led financing initiative in support of Syrian refugees and host communities in Jordan and Lebanon, as well as recovery and reconstruction across the region. The package means that the new facility will be able to generate up to US$800 million in concessional loans in the next year.
Japan, France, the United Kingdom, the United States, Germany, Canada, the Netherlands, Norway and the European Commission each pledged their initial financial contributions to the New Financing Initiative to Support the Middle East and North Africa Region. The pledging occurred at a ministerial conference co-chaired by the President of the World Bank Group, the Secretary General of the United Nations and the President of the Islamic Development Bank Group. The conference brought together ministers from G7, Gulf Cooperation Council, European and MENA countries, as well as the heads of various multilateral development banks and international organizations.