{"id":429620,"date":"2011-05-24T16:19:03","date_gmt":"2011-05-24T16:19:03","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/24\/world-bank-6bn-for-north-africa\/"},"modified":"2011-05-24T16:19:03","modified_gmt":"2011-05-24T16:19:03","slug":"world-bank-6bn-for-north-africa","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/24\/world-bank-6bn-for-north-africa\/","title":{"rendered":"World Bank: $6bn for North Africa"},"content":{"rendered":"<p><div readability=\"102.825853796\"><span><span>24 May 2011<\/span> <span>Last updated at<\/span> <span>12:19 ET<\/span><\/span><\/p>\n<p>The World Bank has pledged $6bn in loans for Egypt and Tunisia in a move explicitly to bolster the Arab Spring.<\/p>\n<p>Egypt, <a href=\"http:\/\/web.worldbank.org\/WBSITE\/EXTERNAL\/NEWS\/0,,contentMDK:22922288~menuPK:34463~pagePK:34370~piPK:34424~theSitePK:4607,00.html\">which will receive $4.5bn over two years<\/a>, is also speaking to the International Monetary Fund (IMF).<\/p>\n<p>Meanwhile, Qatar has offered to make up to $10bn in investments in Egypt.<\/p>\n<p>It comes after the European Bank for Reconstruction and Development &#8211; set up to aid post-Communist Eastern Europe &#8211; <a href=\"http:\/\/www.ebrd.com\/russian\/pages\/news\/press\/2011\/110521b.shtml\">said at the weekend it would start lending to emerging Arab democracies<\/a>.<\/p>\n<p>Egypt and Morocco had already applied to the EBRD for financial assistance.<\/p>\n<p>But while the lender said it hoped eventually to provide up to 2.5bn euros ($3.5bn) a year to the region, any such wholesale geographic reorientation of its mandate would need the approval of all of its 63 members.<\/p>\n<p><span>Funding gap<\/span><\/p>\n<p>Like the EBRD, the World Bank explicitly stated its desire to support the Arab Spring of democratic revolutions.<\/p>\n<p>&#8220;Our support, and that of others, can sustain momentum and accelerate progress, but only if coupled with real reform,&#8221; said Robert Zoellick, World Bank president.<\/p>\n<p>The World Bank money will be made conditional on the countries&#8217; progress in modernising their economies.<\/p>\n<p>Tunisia &#8211; which was the first country to oust its former dictator &#8211; will receive $1.5bn from the international lender, of which $500m is part of a previously-announced $1.2bn package put together with the African Development Bank and European donors.<\/p>\n<div><a href=\"http:\/\/www.bbc.co.uk\/news\/business-13528968#story_continues_2\">Continue reading the main story<\/a><\/p>\n<h2>Egypt&#8217;s finances<\/h2>\n<ul>\n<li>$10bn expected funding shortfall in 2011-12<\/li>\n<li>$4.5bn new loans from the World Bank over two years<\/li>\n<li>$1.2bn in existing World Bank support<\/li>\n<li>$1bn debt forgiveness by US, plus $1bn loan guarantees<\/li>\n<li>$4bn aid package from Saudi Arabia<\/li>\n<li>$10bn investments from Qatar<\/li>\n<li>Multi-billion dollar loans from the IMF to be agreed<\/li>\n<\/ul>\n<\/div>\n<p>Two tranches of $1bn, to be provided directly to the Egyptian government this year and next, would be linked to &#8220;governance and openness reforms&#8221;.<\/p>\n<p>The other money would be provided in other formats, such as guarantees, private business loans and infrastructure financing.<\/p>\n<p>Egypt&#8217;s financing needs are daunting, thanks to a collapse in the economy &#8211; notably the tourism industry &#8211; triggered by the recent political turmoil.<\/p>\n<p>Elevated demands of the people after the revolution were adding to pressure on the budget, Finance Minister Samir Radwan told the BBC earlier this month.<\/p>\n<p>The country expects to run a deficit of 9-10% of economic output in the coming year and faces a financing gap of $10bn-12bn, which it has already formally applied to the IMF to help plug.<\/p>\n<p><span>Gulf support<\/span><\/p>\n<p>Qatar&#8217;s planned investments in Egypt are expected to be consummated during a visit to Egypt by Qatar&#8217;s emir this Saturday.<\/p>\n<p>&#8220;I believe these projects, when implemented, will surpass $10bn and they will be productive products in Egypt,&#8221; said the Qatari ambassador, Saleh al-Buainein.<\/p>\n<p>The emirate may also buy up Egyptian government bonds in order to help fund its deficit.<\/p>\n<p>It comes after the US and Saudi Arabia offered the new Egyptian government financial support.<\/p>\n<p>The US said it would cancel $1bn in debts and provide a further $1bn in loan guarantees to support infrastructure finance.<\/p>\n<p>Meanwhile, Saudi Arabia has offered a $4bn aid package.<\/p>\n<\/div>\n<\/p>\n<p>More:<br \/>\n<a target=\"_blank\" href=\"http:\/\/www.bbc.co.uk\/go\/rss\/int\/news\/-\/news\/business-13528968\" title=\"World Bank: $6bn for North Africa\" rel=\"noopener noreferrer\">World Bank: $6bn for North Africa<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> 24 May 2011 Last updated at 12:19 ET The World Bank has pledged $6bn in loans for Egypt and Tunisia in a move explicitly to bolster the Arab Spring. Egypt, which will receive $4.5bn over two years , is also speaking to the International Monetary Fund (IMF)<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-429620","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-local-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>World Bank: $6bn for North Africa - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/05\/24\/world-bank-6bn-for-north-africa\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"World Bank: $6bn for North Africa - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"24 May 2011 Last updated at 12:19 ET The World Bank has pledged $6bn in loans for Egypt and Tunisia in a move explicitly to bolster the Arab Spring. 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Egypt, which will receive $4.5bn over two years , is also speaking to the International Monetary Fund (IMF)","twitter_creator":"@ghanamma","twitter_site":"@ghanamma","twitter_misc":{"Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ghanamma.com\/2011\/05\/24\/world-bank-6bn-for-north-africa\/#article","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2011\/05\/24\/world-bank-6bn-for-north-africa\/"},"author":{"name":"","@id":""},"headline":"World Bank: $6bn for North Africa","datePublished":"2011-05-24T16:19:03+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ghanamma.com\/2011\/05\/24\/world-bank-6bn-for-north-africa\/"},"wordCount":544,"commentCount":0,"articleSection":["Local News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ghanamma.com\/2011\/05\/24\/world-bank-6bn-for-north-africa\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2011\/05\/24\/world-bank-6bn-for-north-africa\/","url":"https:\/\/www.ghanamma.com\/2011\/05\/24\/world-bank-6bn-for-north-africa\/","name":"World Bank: $6bn for North Africa - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2011\/#website"},"datePublished":"2011-05-24T16:19:03+00:00","author":{"@id":""},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2011\/05\/24\/world-bank-6bn-for-north-africa\/"]}]},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2011\/#website","url":"https:\/\/www.ghanamma.com\/2011\/","name":"Ghanamma.com","description":"News In Ghana - Latest Ghana News Headlines","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts\/429620","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/comments?post=429620"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts\/429620\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/media?parent=429620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/categories?post=429620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/tags?post=429620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}