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Friday
May272011

G8 Pledges Up to $20 Billion in Aid to 'Arab Spring' Democracies

White House Pool Photo/Mike Majchrowitz/Fox News(DEAUVILLE, France) -- The G8 nations announced Friday what it called "the Deauville Partnership" with the people of North Africa and the Middle East, "support(ing) the aspirations of the 'Arab Spring'" and pledging up to $20 billion in potential aid to "free, democratic and tolerant societies."

Bereft of much detail, the "Deauville Partnership" seemed very much a work in progress -- as is the so-called "Arab Spring" itself.

With the prime ministers of Egypt and Tunisia and the Secretary of the Arab League on hand, the G8 leaders issued a communique stating that the world leaders "welcome the work done by Egypt and Tunisia in presenting to the international community of donors their program of actions towards economic and financial stability and preparing for more inclusive growth, and stand ready to support them.  We welcome the Egyptian authorities' decision to request IMF [International Monetary Fund] and multilateral development banks' assistance and Tunisia's request for a joint and coordinated development policy loan."

"In this context, multilateral development banks could provide over $20 [billion], including €3.5 [billion] from the EIB [European Investment Bank], for Egypt and Tunisia for 2011-2013 in support of suitable reform efforts," the communique stated.

There weren't many specifics beyond those numbers and the previously announced $2 billion in U.S. aid for Egypt.

The G8 leaders called for "action plans" from the World Bank, the African Development Bank, the EIB, the European Bank for Reconstruction and Development (EBRD) and the Islamic Development Bank.

Copyright 2011 ABC News Radio







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