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FINANCIAL NEWS
Global wealthy countries, lenders to grant USD58b to Arabs
11 Sep 2011
(MENAFN) Canada’s Finance Minister, Jim Flaherty, said that several global wealthy nations and lenders promised to give USD58 billion to Arab countries in order to boost democratic and economic reforms, reported Associated Press.
Flaherty added that in May, eight developed countries and rich Arab nations along with several development lenders pledged to grant both Tunisia and Egypt USD40 billion, furthermore, the Group of eight (G-8) would also expand its recipients to include Jordan and Morocco.
He also said that USD38 billion from the USD58 billion was granted from development banks through the year 2013, whereas more than USD20 billion was granted from the G-8 along with other rich Arab countries.
It is worth noting that Libya will probably receive funding in the near term although it was not yet part of the program.
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