G8, Banks Pledge $165-Million to Back Arab Spring Democracies
Rich countries and international lenders on Friday promised $165 million (U.S.) to a fund to provide financing for stronger public institutions in Arab nations seeking to establish democracies.
The fund aims to help build economic institutions and promote reforms in countries where huge public uprisings ousted autocratic regimes. It is part of the Deauville Partnership that works to underpin democracy and economic reform in countries such as Egypt and Tunisia.
Major western economies and wealthy oil states are the founding donors of the fund announced in Tokyo alongside annual meetings of the IMF and World Bank.