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Zoellick: 1 billion dollars for Tunisia in support for budget and investment projects

Published the:  24/05/2011

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May 24, 2011 – TAP - World Bank (WB) Group President Robert B. Zoellick announced up to 6 billion dollars in new Bank support over the next two years for Egypt and Tunisia linked to progress made by the two post-revolutionary countries in modernising their economies so they provide more opportunities for their people.
Mr. Zoellick said, in a press release posted on the Bank's website, that the bank will grant Tunisia 1 billion dollars (1.38 billion dinars) in support for the budget and for investment projects, in addition to the 500 million dollars (690 million dinars) already announced by the Bank as part of a 1.2 billion (1.656 billion dinars) package from the African Development Bank and European donors for a Governance and Opportunity Programme to support Tunisia's efforts in freedom of association, access to information, transparency in public procurement, beneficiary participation in service delivery, and retraining of unemployed workers.
Support to the Tunisian private sector from the International Finance Corporation, the Bank's private sector arm, could be up to 400 million dinars (552 million dinars), he said, adding that the Multilateral Investment Guarantee Agency, the Bank's political risk arm, hopes to provide guarantees of up to 100 million dollars (138 million dinars) a year.
Mr. Zoellick also said 4.5 billion dollars were available to Egypt over the next 24 months as part of potential package including an International Monetary Fund (IMF) programme to address budget and reserve shortfalls and support reforms that strengthen its credit and investment prospects.
He said the World Bank was working closely with IMF and other multilateral development banks on an integrated approach to stabilise and modernise the economies of the region. These joint efforts will be discussed with the Group of Eight at its summit later this week in Deauville, France.
The announcements of the new World Bank support come as the institution announced new forecasts that showed a marked slowdown in economic growth in the Middle East and North Africa.