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Major world economies contribute to 'Arab Spring' fund.
World nations today committed $165 million to 'Arab Spring' countries struggling to make the economic transition after ousting autocratic regimes by way of a new World Bank fund, reported Reuters.
The new fund came out of the Deauville Partnership, a Group of Eight-led organization that came together to support the uprisings that swept Tunisia, Egypt, Libya, and elsewhere in the Arab world.
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The US today pledged $50 million, Saudi Arabia $25 million, the United Kingdom $25 million, Japan $12 million, and France $12 million -- totaling $165 million of the initiative's $250-million goal, according to the Associated Press.
The fund, unveiled in Tokyo today, will be released over three years in the form of grants to promote small business growth, boost investment and economic growth. Also today, the partnership welcomed new member Yemen, said AP.
The Deauville group takes its name from the city in France where the Group of Eight, comprising of the United States, the United Kingdom, France, Germany, Italy, Canada, Japan and Russia, founded the project.
The G8 decided to collaborate with major international lenders like the International Monetary Fund in order to provide Egypt, Tunisia, Jordan, Morocco, Libya -- and now Yemen -- with economic assistance during their political transition period, according to AP.