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| Politics
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| G-8: World banks to give |
| G-8: World banks to give $20 bn for 'Arab spring'
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| UNITED STATES OF AMERICA
, 27-May-2011
9:29:9 AM |
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Leaders of the Group of Eight rich nations today said that international development banks could give more than USD 20 billion to Egypt and Tunisia to support countries that overthrew dictators this year and are trying to establish free democracies.
President Barack Obama and other G-8 leaders meeting in France said in a final statement that their countries will also "mobilize substantial bilateral support to scale up this effort."
The statement did not provide breakdowns of what aid specific G-8 countries would provide.
The leaders encouraged other countries, including rich Arab world nations, to contribute as well to shoring up economies in Egypt and Tunisia, where uprisings this year overthrew dictators but also scared away tourists and investors.
"In the short term, our collective aim is to ensure that instability does not undermine the process of political reform, and that social cohesion and macroeconomic stability are both sustained," the declaration said.
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