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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




Tags: fund | Nations | Arab Spring |

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