Industrialised and oil-producing countries on Thursday pledged $165 million to a World Bank transition fund to help ease economic transition in nations swept up in the Arab Spring popular uprisings.
The United States pledged $50 million, while Saudi Arabia and United Kingdom gave $25 million each. Japan will contribute $12 million over a three-year period.
The money came on the initiative of the "Deauville Partnership," which was formed after the last year's uprisings in Tunisia, Egypt and Libya that ended decades-long dictatorships. The partnership includes the Group of Eight (G8) major nations as well as oil producers from the Middle East, including Saudi Arabia and Kuwait.
The funds announced 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.
Source: Ahram Online