G8 summit to pledge £12bn ($20bn) for Arab spring states

[Turborama]

Source: The Guardian

Aid being compiled in Deauville aims to foster democracy and economic growth in countries such as Egypt and Tunisia
Patrick Wintour | Friday May 27 2011 10.15 BST

Arab countries in transition to democracy are to be offered as much as £12bn in aid, loans and debt relief as a result of pledges being compiled at the G8 group of nations summit on Friday. The money will come from international financial institutions and members of the G8.

Leaders of both Egypt and Tunisia, the two chief recipients of the aid, will speak to leaders of the G8, currently chaired by the French on the second day of its summit in Deauville, and stress that they need money urgently to ensure their shift to democracy is smooth and not hampered by economic crisis.

Both countries have been severely hit by falling economic growth, high inflation, high youth unemployment and loss of tourism, on which both depend. Tunisia has been especially hit by the continuing war in neighbouring Libya.

The aid is likely to be conditional on further steps to democracy; both countries are struggling with disputes over the pace of change.

Read more: http://www.guardian.co.uk/world/2011/may/27/g8-summit-pledge-arab-spring

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Renewed demonstrations expected today by the original revolutionary groups in Egypt, this time to protest against the way the army are handling the transition.