{"id":174351,"date":"2011-05-24T21:10:51","date_gmt":"2011-05-24T21:10:51","guid":{"rendered":"http:\/\/new.moldova.org\/2011\/05\/24\/egypt-and-tunisia-to-get-6bn-from-world-bank-221131-eng\/"},"modified":"2011-05-24T21:10:51","modified_gmt":"2011-05-24T21:10:51","slug":"egypt-and-tunisia-to-get-6bn-from-world-bank-221131-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/egypt-and-tunisia-to-get-6bn-from-world-bank-221131-eng\/","title":{"rendered":"Egypt and Tunisia to get $6bn from World Bank"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The World Bank has pledged $6bn in loans for Egypt and Tunisia in a move explicitly to bolster the Arab Spring.<\/p>\n

Egypt, which will receive $4.5bn over two years, is also speaking to the International Monetary Fund (IMF).<\/p>\n

Meanwhile, Qatar has offered to make up to $10bn in investments in Egypt.<\/p>\n

It comes after the European Bank for Reconstruction and Development – set up to aid post-Communist Eastern Europe – said at the weekend it would start lending to emerging Arab democracies.<\/p>\n

Egypt and Morocco had already applied to the EBRD for financial assistance.<\/p>\n

But while the lender said it hoped eventually to provide up to 2.5bn euros ($3.5bn) a year to the region, any such wholesale geographic reorientation of its mandate would need the approval of all of its 63 members.
\nFunding gap<\/p>\n

Like the EBRD, the World Bank explicitly stated its desire to support the Arab Spring of democratic revolutions.<\/p>\n

"Our support, and that of others, can sustain momentum and accelerate progress, but only if coupled with real reform," said Robert Zoellick, World Bank president.<\/p>\n

The World Bank money will be made conditional on the countries’ progress in modernising their economies.<\/p>\n

Tunisia – which was the first country to oust its former dictator – will receive $1.5bn from the international lender, of which $500m is part of a previously-announced $1.2bn package put together with the African Development Bank and European donors.<\/p>\n

Two tranches of $1bn, to be provided directly to the Egyptian government this year and next, would be linked to "governance and openness reforms".<\/p>\n

The other money would be provided in other formats, such as guarantees, private business loans and infrastructure financing.<\/p>\n

Egypt’s financing needs are daunting, thanks to a collapse in the economy – notably the tourism industry – triggered by the recent political turmoil.<\/p>\n

Elevated demands of the people after the revolution were adding to pressure on the budget, Finance Minister Samir Radwan told the BBC earlier this month.<\/p>\n

The country expects to run a deficit of 9-10% of economic output in the coming year and faces a financing gap of $10bn-12bn, which it has already formally applied to the IMF to help plug.<\/p>\n

Gulf support<\/strong><\/p>\n

Qatar’s planned investments in Egypt are expected to be consummated during a visit to Egypt by Qatar’s emir this Saturday.<\/p>\n

"I believe these projects, when implemented, will surpass $10bn and they will be productive products in Egypt," said the Qatari ambassador, Saleh al-Buainein.<\/p>\n

The emirate may also buy up Egyptian government bonds in order to help fund its deficit.<\/p>\n

It comes after the US and Saudi Arabia offered the new Egyptian government financial support.<\/p>\n

The US said it would cancel $1bn in debts and provide a further $1bn in loan guarantees to support infrastructure finance.<\/p>\n

Meanwhile, Saudi Arabia has offered a $4bn aid package.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>Egypt, which will receive $4.5bn over two years, is also speaking to the International Monetary Fund (IMF).<\/p>\n","protected":false},"author":3,"featured_media":174350,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-174351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The World Bank has pledged $6bn in loans for Egypt and Tunisia in a move explicitly to bolster the Arab Spring.<\/p>\n

Egypt, which will receive $4.5bn over two years, is also speaking to the International Monetary Fund (IMF).<\/p>\n

Meanwhile, Qatar has offered to make up to $10bn in investments in Egypt.<\/p>\n

It comes after the European Bank for Reconstruction and Development – set up to aid post-Communist Eastern Europe – said at the weekend it would start lending to emerging Arab democracies.<\/p>\n

Egypt and Morocco had already applied to the EBRD for financial assistance.<\/p>\n

But while the lender said it hoped eventually to provide up to 2.5bn euros ($3.5bn) a year to the region, any such wholesale geographic reorientation of its mandate would need the approval of all of its 63 members.
\nFunding gap<\/p>\n

Like the EBRD, the World Bank explicitly stated its desire to support the Arab Spring of democratic revolutions.<\/p>\n

"Our support, and that of others, can sustain momentum and accelerate progress, but only if coupled with real reform," said Robert Zoellick, World Bank president.<\/p>\n

The World Bank money will be made conditional on the countries’ progress in modernising their economies.<\/p>\n

Tunisia – which was the first country to oust its former dictator – will receive $1.5bn from the international lender, of which $500m is part of a previously-announced $1.2bn package put together with the African Development Bank and European donors.<\/p>\n

Two tranches of $1bn, to be provided directly to the Egyptian government this year and next, would be linked to "governance and openness reforms".<\/p>\n

The other money would be provided in other formats, such as guarantees, private business loans and infrastructure financing.<\/p>\n

Egypt’s financing needs are daunting, thanks to a collapse in the economy – notably the tourism industry – triggered by the recent political turmoil.<\/p>\n

Elevated demands of the people after the revolution were adding to pressure on the budget, Finance Minister Samir Radwan told the BBC earlier this month.<\/p>\n

The country expects to run a deficit of 9-10% of economic output in the coming year and faces a financing gap of $10bn-12bn, which it has already formally applied to the IMF to help plug.<\/p>\n

Gulf support<\/strong><\/p>\n

Qatar’s planned investments in Egypt are expected to be consummated during a visit to Egypt by Qatar’s emir this Saturday.<\/p>\n

"I believe these projects, when implemented, will surpass $10bn and they will be productive products in Egypt," said the Qatari ambassador, Saleh al-Buainein.<\/p>\n

The emirate may also buy up Egyptian government bonds in order to help fund its deficit.<\/p>\n

It comes after the US and Saudi Arabia offered the new Egyptian government financial support.<\/p>\n

The US said it would cancel $1bn in debts and provide a further $1bn in loan guarantees to support infrastructure finance.<\/p>\n

Meanwhile, Saudi Arabia has offered a $4bn aid package.<\/p>\n

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