G-8 Pledges $40 Billion for ‘Arab Spring’

Wall Street Journal | May 28, 2011

By SEBASTIAN MOFFETT, NATHALIE BOSCHAT and WILLIAM HOROBIN

“…they pledged that international development banks—in which G-8 members are top shareholders—would supply more than $20 billion in aid…”

The Group of Eight industrialized economies pledged Friday to provide billions of dollars in funding to newly democratic nations in North Africa and the Middle East, underscoring big nations’ eagerness to press reforms in the region but kicking many key decisions about financial support to later in the year.

At their two-day meeting in this Normandy seaside town, individual G-8 members offered few new specific financial commitments for Egypt and Tunisia, which launched the “Arab Spring” revolutions early this year. Instead, they pledged that international development banks—in which G-8 members are top shareholders—would supply more than $20 billion in aid over the next

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