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FINANCIAL NEWS
UK plans USD175 million aid for growing Arab nations
27 May 2011
(MENAFN) The British government said that it would provide countries that went through political upheaval like Egypt and Tunisia with an aid package of USD175 million to support the transition to democracy in these countries, reportd Associated Press.
The government added that the four year aid program which was announced during the G8 meeting of world powers would back up greater political participation and strengthen the rule of law.
It also said that the funding would come out of existing budgets in Britain where international development was considered one of the areas that had been spared the large cuts in public spending.
It is worth noting that Egypt and Tunisia would be the initial focus for the funds, and countries like Jordan and Morocco could also benefit. Libya was not a likely recipient at this stage.
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