Egypt and Tunisia to receive $6bn from World Bank

25 May 2011

Egypt and Tunisia look set to receive as much as $6 billion from the World Bank over the next two years.

The organisation has pledged support to the countries in an effort to help them modernize their economies following leadership revolts earlier this year.

Robert Zoellick, president of the World Bank, said assistance for Egypt would come in the form of $4.5 billion, with the International Monetary Fund also expected to offer a loan.

A further $1 billion is likely to be made available to Tunisia, he stated, which could be added to a further $500 million in aid that was suggested last month.

Mr Zoellick noted: "The revolutions in the Middle East and North Africa offer great opportunities but also pose daunting challenges and risks."

US president Barack Obama and British prime minister David Cameron have both backed moves for greater financial and political support to be granted to Egypt and Tunisia to help the nations regain stability, the Guardian reports.

By Gary Cooper

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development