Saudi pledges US$25m to aid Arab Spring countries

The Deauville partnership to aid economic development of Arab countries
Saudi pledges US$25m to aid Arab Spring countries
Arab spring
By Claire Valdini
Sun 14 Oct 2012 12:33 PM

The Deauville partnership is aiming to give US$250m to aid economic development to countries impacted by Arab Spring

Saudi Arabia has pledged US$25m to a transition fund established by the World Bank to help countries whose economies have been impacted by the Arab Spring.

The oil rich Gulf state is part of a group of countries, including Germany, France, the US, Britain, Italy, Russia, Japan, and Canada, known as the Deauville partnership.

The group plans to US$165m to countries such as Tunisia, Libya, Jordan, Egypt, and Morocco, with an eventual goal of US$250m.

The Deauville partnership, established in May 2011 after the uprisings in Tunisia, Egypt and Libya ended decades-long dictatorship, will provide funds for economic modernisation, trade investment and job creation.

The partnership is supported by several lending bodies including the IMF, the Islamic Development Bank and the World Bank.

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