Saudi Arabia has pledged $25 million to a World Bank “transition fund” that aims to ease the economic situation in nations affected by the Arab Spring, the Kingdom has announced
The Gulf powerhouse is part of a group of countries, collectively known as the Deauville-partnership, which plan to donate $165 million to the fund, according to a report, published by the Saudi Gazette on Saturday.
Other donating countries include Germany, France, the United States, the United Kingdom, Russia, Japan, Italy and Canada.
The proposed funds will facilitate the process of economic modernization in states such as Tunisia, Egypt, Libya, Jordan and Morocco.
Plans for Yemen to join the Deauville-partnership have also been announced.
The target is to raise a total of $250 million for the fund, this money will help to build economic institutions needed for reform in receiving countries, it will also provide grants for economic governance, trade, investment and job creation.
The United Nations has pledged $50 million; Britain has offered $25 million; and France has promised $12 million to the fund.
The official partnership was set up in 2001 in in Deauville, France, at a summit of the Group of eight industrial nations.
Various international lending bodies such as the International Monetary Fund, the World Bank, the Islamic development bank and the OPEC fund for international development are supporting the partnership.
It is all “part of effort to support the Middle East and North African economies,” said Japanese Finance Minister Koriki Jojima.