The president of the World Bank said Tuesday that it will be some time before progress toward a more peaceful Middle East can resume in earnest.
Ajay Banga told CNBC that the onset of the Israel-Hamas war has thrown nascent normalization talks off course.
Ajay Banga told CNBC that the onset of the Israel-Hamas war has thrown nascent normalization talks off course, making regional cooperation much more difficult. Banga was speaking at the Future Investment Initiative Institute conference in Riyadh, where business leaders are gathered to discuss economic and investment prospects of the Middle East region.This year, the event has been overshadowed by Israel's ongoing offensive against the Gaza Strip, following the Oct. 7 terror attacks carried out by Palestinian militant group Hamas against Israel.
Banga also spoke of the potential impact on food and fertilizer prices, which similarly spiked in the wake of the Russia-Ukraine war.
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