World Bank unveils $6 billion for Egypt, Tunisia

John Dimsdale May 24, 2011
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World Bank unveils $6 billion for Egypt, Tunisia

John Dimsdale May 24, 2011
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STEVE CHIOTAKIS: The World Bank this morning has unveiled a package totaling $6 billion to help Egypt and Tunisia with their government budgets. That follows uprisings in those countries that ended decades of dictatorships. President Obama is in Europe, and has been calling for more international money to help countries in transition.

Marketplace’s John Dimsdale is with us live from Washington with the latest. Good morning John.

JOHN DIMSDALE: Hello Steve.

CHIOTAKIS: How about some specifics about the plan.

DIMSDALE: Yeah. The World Bank has this plan to spin the $6 billion over the next two years. Some of the money will go immediately to prop up government budgets in Egypt and Tunisia. But at least $1 billion will be kept in reserve and it’ll be conditional on moves toward democratic elections or free market economies. And about a fourth of the money will be invested in development projects that would help support private companies so they can rebuild in those countries.

CHIOTAKIS: Do we see any other help coming down the pike from other countries, John?

DIMSDALE: Yeah, there is an International Monetary Fund group that’s currently in Egypt trying to assess the need for extra support. One problem that is sure to get attention is the 50,000 refugees that have been fleeing neighboring Libya from the civil war that’s going on there. There are already several UN refugee camps that have been overwhelmed. And all of these aid packages will be on the agenda for this week’s G8 summit in France.

CHIOTAKIS: Where President Obama will be. All right Marketplace’s John Dimsdale reporting from Washington for us. John, thanks.

DIMSDALE: You’re welcome.

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