Business, Economics and Jobs

'Arab Spring' countries get $165 mil in aid from world nations


A person caped in the Tunisian flag walks past a statue representing the cart of Mohamed Al Bouazizi, the fruit vendor whose self-immolation sparked the revolution that ousted a dictator and ignited the Arab Spring, on Dec. 17, 2011 in Sidi Bouzid. Thousands of Tunisians rallied in celebration of the first anniversary of the popular uprising that toppled their long-standing dictator and unleashed the Arab Spring revolutions.


Fethi Belaid

World nations today committed $165 million to 'Arab Spring' countries struggling to make the economic transition after ousting autocratic regimes by way of a new World Bank fund, reported Reuters

The new fund came out of the Deauville Partnership, a Group of Eight-led organization that came together to support the uprisings that swept Tunisia, Egypt, Libya, and elsewhere in the Arab world.

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The US today pledged $50 million, Saudi Arabia $25 million, the United Kingdom $25 million, Japan $12 million, and France $12 million -- totaling $165 million of the initiative's $250-million goal, according to the Associated Press

The fund, unveiled in Tokyo today, will be released over three years in the form of grants to promote small business growth, boost investment and economic growth. Also today, the partnership welcomed new member Yemen, said AP.

The Deauville group takes its name from the city in France where the Group of Eight, comprising of the United States, the United Kingdom, France, Germany, Italy, Canada, Japan and Russia, founded the project. 

The G8 decided to collaborate with major international lenders like the International Monetary Fund in order to provide Egypt, Tunisia, Jordan, Morocco, Libya -- and now Yemen -- with economic assistance during their political transition period, according to AP