CAIRO: With economies in Egypt and Tunisia stumbling after protest movements ousted their former governments, the World Bank announced on Tuesday it would supply up to $6 billion in aid packages to both countries. The announcement comes as part of the lead up to the G-8 meetings to be held in France this week and the funding World Bank President Robert Zoellick said would help stabilize and modernize both countries' economics. Egypt recently received a $4 billion aid package from Saudi Arabia and hopes the international community will see their efforts in using the money wisely, after decades of corruption under former President Hosni Mubarak. “This is definitely something that will help us develop infrastructure and push investment in the country forward after a few months of struggling and running on near empty,” a senior ministry of finance official told Bikya Masr. “The people of the Middle East and North Africa want dignity, respect, jobs and the chance for a better life,” Zoellick told reporters. “Fulfilling the promise of the Arab Spring will mean real reforms that deepen inclusion, promote participation and expand opportunity,” he added. G-8 leaders, meeting in Deauville, France on Thursday and Friday, are expected to continue to garner new financial support for Middle East and North African countries facing political and economic upheaval. The Bank said it would provide up to $4.5 billion to Cairo over the next two years. It will include $1 billion tied to reforms improving governance and openness, and another $1 billion after that, “dependent on progress.” Tunis will get $1.5 billion — $500 million of it previously announced — for budget and investment projects, the Bank said. Bank funds are aimed at building job creation in both countries. BM
