The eight leading industrialized nations pledged US$ 38 billion for the Arab Spring, particularly to Tunisia, Egypt, Morocco, and Jordan over 2011-13, an increase from the US$ 20 billion announced at their last meeting in May. The G-8 added they would stand ready to support the Libyan authorities in their endeavor to rebuild the country.

At the end of May, leaders of the G-8 pledged a US$ 20 billion package for Egypt and Tunisia to be provided through funding from international financial institutions. Since then, the partnership has been extended to Jordan and Morocco, with Kuwait, Qatar, Saudi Arabia, Turkey, and the U.A.E joining the framework in support of those four countries.

The G-8 added that in addition to the US$ 38 billion in funds from development banks such as the World Bank, the African Development Bank and the European Bank for Reconstruction and Development, the International Monetary Fund (IMF) could lend as much as US$ 35 billion. The IMF's financial assistance would primarily target oil-importing countries in the region.

The article above has been published as a part of Bank Audi`s MENA Weekly Monitor of Week 38 (2011). It can be accessed via Internet at the following web address: http://www.banqueaudi.com

Picture credit: New America Media