Nations pledge $165m to Arab Spring states
Tokyo, October 13, 2012
Industrialized and oil-producing countries have pledged $165 million to a World Bank fund to help ease economic transition in nations swept up in the Arab Spring popular uprisings.
The money came on the initiative of the "Deauville Partnership," which was formed after uprisings last year in Tunisia, Egypt and Libya ended decades-long dictatorships.
The partnership includes the Group of Eight major nations as well as oil producers from the Middle East, including Saudi Arabia and Kuwait.
The funds announced on Thursday are meant to provide grants for economic governance, trade, investment, and inclusive development and job creation. Countries are hoping to raise a total of $250 million for this transition fund.
The US pledged $50 million, Saudi and United Kingdom gave $25 million each, while Japan will contribute $12 million over a three-year period.-Reuters
More Energy, Oil & Gas Stories
- Total seals Oman deepwater drilling deal
- Egypt in gas price talks with foreign firms
- Exxon offers rare Saudi gasoil term contract
- 40 Chinese firms to exhibit at energy summit
- More refinery closures on the cards for 2014: IEA
- Libya’s eastern oil ports likely to reopen Sunday
- Saudi plans to double power generation
- Iran decades away from becoming gas export giant
- Pakistan, Iran to speed up gas pipeline project
- Opec cuts output closer to 2014 demand