Al Khaleej stuns Al Hilal with 3-2 victory, ending 57-match unbeaten run    Turki Al-Sheikh crowned "Most Influential Personality in the Last Decade" at MENA Effie Awards 2024    Saudi Arabia arrests 19,696 illegals in a week    SFDA move to impose travel ban on workers of food outlets in the event of food poisoning    GACA: 1029 complaints recorded against airlines, with least complaints in Riyadh and Buraidah airports during October    CMA plans to allow former expatriates in Saudi and other Gulf states to invest in TASI    11 killed, 23 injured in Israeli airstrike on Beirut    Trump picks billionaire Scott Bessent for Treasury Secretary    WHO: Mpox remains an international public health emergency    2 Pakistanis arrested for promoting methamphetamine    Move to ban on establishing zoos in residential neighborhoods    Moody's upgrades Saudi Arabia's credit rating to Aa3 with stable outlook    Al Okhdood halts Al Shabab's winning streak with a 1-1 draw in Saudi Pro League    Mahrez leads Al Ahli to victory over Al Fayha in Saudi Pro League    Saudi musical marvels takes center stage in Tokyo's iconic opera hall    Saudi Arabia and Japan to collaborate on training Saudi students in Manga comics Saudi Minister of Culture discusses cultural collaboration during Tokyo visit    Al Khaleej qualifies for Asian Men's Club League Handball Championship final    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Sitting too much linked to heart disease –– even if you work out    Denmark's Victoria Kjær Theilvig wins Miss Universe 2024    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



World Bank sets $6b aid for Egypt, Tunisia
Published in The Saudi Gazette on 26 - 05 - 2011

WASHINGTON: The World Bank announced Tuesday up to $6 billion in new aid to Egypt and Tunisia to help modernize and revitalize their economies after revolts which ejected long-serving strongmen earlier this year.
Ahead of the G-8 meetings this week in France, World Bank president Robert Zoellick said the funds would be used for stabilizing and modernizing the two countries' economies, long run down under rigid undemocratic regimes.
"The people of the Middle East and North Africa want dignity, respect, jobs and the chance for a better life," said Zoellick.
"Fulfilling the promise of the Arab Spring will mean real reforms that deepen inclusion, promote participation and expand opportunity."
Leaders at the Group of Eight meeting in Deauville, France Thursday and Friday are expected to muster new financial support for Middle East and North African countries facing political and economic upheaval.
The Bank said it would provide up to $4.5 billion to Cairo over the next two years. It will include $1 billion tied to reforms improving governance and openness, and another $1 billion after that, "dependent on progress."
Tunis will get $1.5 billion - $500 million of it previously announced - for budget and investment projects, the Bank said.
Bank funds will aim at building job creation in both countries.
"Our support, and that of others, can sustain momentum and accelerate progress, but only if coupled with real reform," Zoellick said in a statement.
In snowballing revolts earlier this year dubbed the Arab Spring, Tunisians overthrew the 24 year old regime of president Zine El Abidine Ben Ali, while Egyptians tossed out Hosni Mubarak after 20 years. Both leaders had let their economies crumble and unemployment fester, fueling the uprisings.
Both are now trying to reorganize for more democratic rule under fragile interim regimes, which the World Bank said will pose challenges.
"We recognize we've got a transition process here," Zoellick told reporters.
"Part of our challenge is to work with transition governments in a way that provide near-term support, but also recognize we have to build in flexibility because you've got an ongoing political process."
While the Bank acknowledged the political nature of the revolts, it stressed that the poor state of their economies and lack of job opportunities were crucial factors.
"With relatively high rates of unemployment at around 10 percent and youth unemployment at 24 percent, approximately 50-75 million jobs are needed over the next decade to absorb new labor market entrants and to bring down unemployment," in the Middle East and North Africa region, the Bank said.
"Only 48 million jobs will be created if countries continue to grow as they did over the past decade."
The uprisings have sharply crunched the economies of the two countries, forcing the IMF to revise downward its regional growth estimate to 3.6 percent from 4.8 percent earlier.
At the meeting of the G8 - Britain, Canada, France, Germany, Italy, Japan, Russia and the United States - a key issue will be coordinating efforts and funds to strengthen the new leadership in the two countries and other regional countries struggling to reform.
"We're working closely with the IMF and the other multilateral development banks on an integrated approach to try to stabilize and then modernize the economies of the region," Zoellick said.
"And these joint efforts will be the subject of the discussions we'll have with the Group of Eight. What I hope to emphasize is the interconnection of the success of growth in Tunisia, Egypt, and all across North Africa and Middle East, linked to the investment and trade agenda.


Clic here to read the story from its source.