World Bank to Loan Egypt, Tunisia $6 Billion

Egypt will receive $4.5 billion over the next two years and Tunisia will get $1.5 billion.

Posted: 05/26/2011 04:05 PM EDT
Filed Under Tunisia, Egypt

World Bank to Loan Egypt, Tunisia $6 Billion

In an effort to boost economies in the newly revived North African nations, the World Bank has pledged to loan $6 billion to Egypt and Tunisia.

 

"Our support, and that of others, can sustain momentum and accelerate progress, but only if coupled with real reform," said World Bank President Robert Zoellick.

 

Egypt will get $4.5 billion over the next two years and Tunisia will get $1.5 billion.

 

This year, both of the countries ousted their respective long-term leaders. And, judging by the financial support they’ve been receiving from other nations and international organizations, the world wants to see them prosper under new governments.

 

For instance, Egypt has been pledged $4.5 billion in World Bank loans, $4 billion in aid from Saudi Arabia, $10 billion investments from Qatar and $1 billion in debt forgiveness from the United States, the BBC reports.

 

With a struggling economy and a potential $10 billion-plus deficit, Egypt could use the assistance. The nation is also in negotiations with International Monetary Fund in hopes to obtain more financial help.

 

(Photo: Mark Wilson/Getty Images)

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