Libya is one of the countries that could benefit financially from a World Bank fund intended to help the nations involved in the Arab Spring uprisings.
Tripoli Post reports that $165 million has been pledged to the fund by industrialised and oil-producing countries, on the initiative of the "Deauville Partnership."
The organisation was formed after the uprisings in Tunisia, Egypt and Libya that ended decades-long dictatorships in their respective countries.
The partnership includes the G-8 countries as well as oil producers from the Middle East, including Saudi Arabia and Kuwait.
The United States has pledged $50 million, Saudi Arabia and United Kingdom have given $25 million each, while Japan will contribute $12 million over a three-year period.
The funds are meant to provide grants for economic governance, trade, investment, and inclusive development and job creation. Countries are hoping to raise a total of $250 million for this transition fund.
(Source: Tripoli Post)
No comments yet.