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FINANCIAL NEWS
The Deauville partnership pledges USD165m to Arab Spring nations
13 Oct 2012
(MENAFN) Rich countries and international lenders have pledged USD165 million to a fund to help build stronger public institutions in Arab nations seeking to establish democracies, Arab News reported.
The “Transition Fund” aims to help build economic institutions and promote reforms in the Arab Spring countries.
The fund is part of the Deauville Partnership that works to underpin democracy and economic reform in countries such as Egypt and Tunisia.
The partnership was set up in 2011 in Deauville, France, at a summit of the Group of Eight industrial nations, and joins the Group of Eight major nations; Germany, France, US, UK, Russia, Japan, Italy and Canada, in addition to Saudi Arabia and Kuwait.
The US has pledged USD50 million, the UK USD25 million, Saudi Arabia USD25 million and Japan and France USD12 million each.
The group also announced that Yemen was joining the Arab Spring countries participating in the Deauville Partnership, which also include Egypt, Tunisia, Jordan, Morocco and Libya.
Other international lenders, including the International Monetary Fund, World Bank, OPEC Fund for International Development and the Islamic Development Bank are supporting the partnership.
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