World Bank to give billions to Egypt, Tunisia

AP News
Posted: May 24, 2011 11:13 AM
World Bank to give billions to Egypt, Tunisia

The president of the World Bank says it will provide up to $6 billion to Egypt and Tunisia to help them modernize their economies as they undertake democratic reforms after the ouster of their longtime presidents.

Robert Zoellick said the bank was working closely with the International Monetary Fund and other development banks to stabilize the economies of the two Arab nations. He said these efforts would be discussed with the Group of Eight nations at their meeting later this week in Deauville, France.

Egypt and Tunisia have been invited to the summit.

Zoellick said Tuesday that people in the Middle East and North Africa have the opportunity to take destiny in their own hands. He said the financial support of the bank can sustain momentum and accelerate programs but only if coupled with real reform.