EBRD: Call to aid Arab Spring economies
The international community must invest in the economies of the Arab Spring, to foster their transition into prosperous democracies and bolster them against the threats of instability and extremism, British Chancellor George Osborne has said.
Source : https://www.marocafrik.com/english/EBRD-Call-to-ai...
Despite the financial turbulence being experienced in the eurozone and around the developed world, Mr Osborne said it was vital not to deprive Arab countries which have shaken off dictatorship of the financial support they need to thrive reports the Financial Times.
Addressing the annual meeting of the European Bank for Reconstruction and Development (EBRD) in London, the Chancellor urged members to ratify rule changes to allow it to use its special funds in the southern and eastern Mediterranean.
Mr Osborne told the meeting: "A Middle East of open and democratic societies would transform the security of the world and brighten the prospects of millions of people. It is undoubtedly the greatest prospect of enlargement of human freedom and dignity since the Cold War.
Thomas Mirow, President of the European Bank for reconstruction and development (EBRD) recently visited Tunisia in May and promised support for a number of infrastructural projects.
However the ERBD is facing pressure because of eastern european economies who are suffering from the economic crisis which began in 2008 -2009 and there is a concern that a comittment to North Africa of a billion or more euros may be a loan too far.
The EBRD plans to annually allocate loans for two and a half billion euros to Egypt, Morocco and Jordan to aid them in their transition towards decmocracy according to ANSAmed.
Mr Osborne warned: "The best way to ensure transition fails and extremism flourishes is to choke off opportunity and not extend the hand of friendship to countries in difficulty...
"Eighteen million more jobs are needed in the region over the next decade and, if not addressed, chronic unemployment will continue to bring instability and violence."
These are encouraging and generous words but with Spain, Portugal and Italy all facing serious economic difficulty and Greece possibly about to exit the euro. the strains are showing at the EBRD. Some suggested it is overstretching itself and has not yet solved the problems of the eastern European countries let alone looking further afield to North Africa.
However, the EBRD announced on Saturday that it woud allocate one billion euros in investment in the Middle East and North Africa and would invest specifically in Egypt, Morocco, Tunisia and Jordan. Earler it selected top British civil servant Suma Chakrabarti to run as its president for four years from July.
Chakrabarti replaces German incumbent Thomas Mirow, who failed to win a second term .
Addressing the annual meeting of the European Bank for Reconstruction and Development (EBRD) in London, the Chancellor urged members to ratify rule changes to allow it to use its special funds in the southern and eastern Mediterranean.
Mr Osborne told the meeting: "A Middle East of open and democratic societies would transform the security of the world and brighten the prospects of millions of people. It is undoubtedly the greatest prospect of enlargement of human freedom and dignity since the Cold War.
Thomas Mirow, President of the European Bank for reconstruction and development (EBRD) recently visited Tunisia in May and promised support for a number of infrastructural projects.
However the ERBD is facing pressure because of eastern european economies who are suffering from the economic crisis which began in 2008 -2009 and there is a concern that a comittment to North Africa of a billion or more euros may be a loan too far.
The EBRD plans to annually allocate loans for two and a half billion euros to Egypt, Morocco and Jordan to aid them in their transition towards decmocracy according to ANSAmed.
Mr Osborne warned: "The best way to ensure transition fails and extremism flourishes is to choke off opportunity and not extend the hand of friendship to countries in difficulty...
"Eighteen million more jobs are needed in the region over the next decade and, if not addressed, chronic unemployment will continue to bring instability and violence."
These are encouraging and generous words but with Spain, Portugal and Italy all facing serious economic difficulty and Greece possibly about to exit the euro. the strains are showing at the EBRD. Some suggested it is overstretching itself and has not yet solved the problems of the eastern European countries let alone looking further afield to North Africa.
However, the EBRD announced on Saturday that it woud allocate one billion euros in investment in the Middle East and North Africa and would invest specifically in Egypt, Morocco, Tunisia and Jordan. Earler it selected top British civil servant Suma Chakrabarti to run as its president for four years from July.
Chakrabarti replaces German incumbent Thomas Mirow, who failed to win a second term .
Source : https://www.marocafrik.com/english/EBRD-Call-to-ai...