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FINANCIAL NEWS
Obama intends to provide USD800m assistance for ‘Arab Spring’ countries
14 Feb 2012
(MENAFN) US President Barack Obama proposed to provide financial support to Arab Spring countries in his budget plan with over USD800 million in economic aid, reported Arab News.
Obama added that USD770 million of the economic assistance for countries that were swept with revolutions would go to set up a new “Middle East and North Africa Incentive Fund”.
He also said that the fund will provide incentives for long-term economic, political, and trade reforms to countries in transition and to countries prepared to make reforms.
He also said that the US would keep its military aid to Egypt, at USD1.3 billion, adding that the Congress also approved USD250 million of economic aid to the country for fiscal 2012, in addition to USD60 million allocated for “enterprise fund”.
It is worth noting that Obama’s proposals are part of his budget request for fiscal year 2013, which starts October 1.
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