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G8 approves $20 bn loan for Egypt, Tunisia

Deauville (France), May 28, 2011
 

International development banks and other institutions have as much as $20 billion to loan to Egypt and Tunisia, the Group of Eight (G8) said in a post-summit statement Friday.

Representatives of both countries were present at the G8 summit in Deauville, France, and presented a reform programme.

"We welcome the work done by Egypt and Tunisia in presenting to the international community of donors their programme of actions towards economic and financial stability and preparing for more inclusive growth, and stand ready to support them," the statement said.

The G8 expressed support for Egypt's decision to request assistance from the International Monetary Fund (IMF) and Tunisia's request for a joint and coordinated development policy loan.

"In this context, multilateral development banks could provide over $20 billion, including $3.5 billion from the EIB (European Investment Bank), for Egypt and Tunisia for 2011-2013 in support of suitable reform efforts," the document said.  

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