Harris and Trump make final push in must-win Pennsylvania    Drones and snipers on standby to protect Arizona vote-counters    India's Modi condemns violence after Canada temple incident    Elon Musk can keep giving $1m to voters, judge rules    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    Tourism Development Fund launches "Tourism Empowerment" programs to enhance sustainable growth of SMEs    Saudi crown prince, Tunisian president review bilateral relations in phone call    SFDA Chief visits premier biotechnology and medical firms in China    Al-Khereiji: Collective action in combating terrorism is a must for achieving stability and prosperity    Saudi Awwal Bank becomes the Kingdom's first bank obtaining ISO certification for quality management system in operations    10 cooperation agreements signed during Saudi-Turkish Business Forum in Istanbul    Saudi Arabia's non-oil revenues grow 6% in 9 months while Q3 budget posts SR30 billion deficit    Quincy Jones, titan of US music, dies aged 91    Enhancing zakat, tax, and customs compliance takes center stage at the Zakat, Tax, and Customs Conference 2024    Neymar expected to join Al Hilal squad for AFC clash against Esteghlal, says coach Jesus    Al Qadsiah secure 2-0 victory over Al Ettifaq in first Eastern Derby since 2021    Hidden sugars in Asia's baby food spark concerns    HONOR unveils pre-order of the stunning HONOR MagicBook Art 14 Featuring an ultra-slim design, HONOR Eye Comfort Display and AI Cross-OS WorkStation    Teri Garr, Young Frankenstein and Tootsie star, dies at 79    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    Muted Eid celebrations for millions of Nigerian Muslims    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.