World Bank sets $6 bn in aid for Egypt, Tunisia
Post date: May 24, 2011 5:44:45 PM
Modernize and revitalize their economies after revolts, Bank funds will aim at building job creation in both countries
Tunisia
Tunis will get $1.5 billion -- $500 million of it previously announced -- for budget and investment projects
Tunisian Finance Ministre Jelloul Ayed (L)
speaks with World Bank President Robert Zoellick
source: google.com/hostednews
Egypt
World bankwould 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."
End of Ben Ali - Mubarak economy
World Bank president Robert Zoellick
said the funds would be used for stablilizing and modernizing the two countries' economies
"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 on Thursday and Friday are expected to muster new financial support for Middle East and North African countries facing political and economic upheaval.
"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."