May 27, 2011
Bloomberg is reporting that the G8 summit leaders have pledged $40 billion in loans from international development banks ad direct aid in support of pro-democracy movements in North Africa. Hosted by French President Nicolas Sarkozy, the G8 nations include the U.S., the U.K., Russa, Italy, Germany, Canada and Japan. According to the report, institutions such as the World Bank and the African Development Bank could provide more than $20 billion for Egypt and Tunisia through 2013, including $5 billion from the European Investment Bank. Bloomberg cites Sarkozy, saying in a press conference, that G8 countries will provide another $10 billion in direct aid to Tunisia and Egypt, and that oil exporting countries in the Gulf such as Kuwait, Qatar and Saudi Arabia will contribute an additional $10 billion. The International Monetary Fund says the region will need more than $160 billion over the next two years.
Oil & Gas Post
Promote Your Page Too
No comments:
Post a Comment