UAE

World Bank and Qatar pledge billions to support hard-up Arab Spring nations

Egypt and Tunisia have been offered financial aid as G8 leaders gather to discuss their plight.

Tom Arnold

May 25, 2011

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  • Arabic

The World Bank and Qatar have become the latest global donors to pledge billions of dollars of financial aid to struggling Mena nations rocked by unrest.

It comes as Egypt and Tunisia head to today's annual meeting of the world's richest nations to seek further support in reviving their stalled economies.

How to aid economic transitions in regional countries recovering from turmoil will feature at the top of the agenda of the Group of Eight (G8) discussions in France.

The latest offer of support from the World Bank includes as much as US$6 billion (Dh22bn) in financing to Egypt and Tunisia over the next two years.

The amount includes $4.5 billion for Egypt over the next 24 months as part of a potential package expected to include support from the IMF. The bank may also make $1bn available for Tunisia in support of the country's budget and investment prospects.

"The people of the Middle East and North Africa want dignity, respect, jobs and the chance for a better life," said Robert Zoellick (CK), World Bank president. "Fulfilling the promise of the Arab Spring will mean real reforms that deepen inclusion, promote participation and expand opportunity."

The support of the World Bank and of others could sustain momentum and accelerate progress but only if coupled with real reform, he said.

tarnold@thenational.ae

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