Financing development in the Arab region : a case of a region at crossroads

The Monterrey Consensus that resulted from the International Summit on Financing for Development in 2002 highlighted several key actions to be worked upon in the process of enhancing the mobilization of needed funds for achieving the global development goals. The Summit convened in a period when several considerations in the global and regional policy-making process, and on the economic, political, and security fronts, were being rearranged upon the attacks of September 11, 2001. In fact, it was indicated in the Monterrey consensus that after the attacks of 9/11, « it is more urgent to enhance collaboration among all stakeholders to promote sustainable economic growth and to address long-term challenges of financing for development ».

In this context, the Arab region has been the subject of heightened international attention after the 9/11 attacks, especially from the United States and the European Union. Various initiatives have been proposed as solutions or gates for change and democratization in the region. There has been a growing perception that terrorism threats are rooted in radical Islamic movements that are entrenched in the Arab region. The high influence of these movements has been attributed to lack of good governance and democracy. This assumption does not reflect the real problem behind the rise of terrorism, which is linked among others to the feelings of humiliation and despise that the citizens of this region are facing when it comes to continuing foreign occupation of their land, expanding military bases, and consistent double standards in the implementation of the international laws and resolutions related to their rights.

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