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G8 announce aid package for Egypt and Tunisia

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G8 announce aid package for Egypt and Tunisia

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The last day of the G8 summit saw confirmation that Egypt and Tunisia will receive aid worth more than 28 billion euros. French President Nicolas Sarkozy announced the package on Friday.

Partly-funded by multilateral development banks, the aid package is dependent on further democratic progress being made. Jonathan Charles, European Bank for Reconstruction and Development, agreed with this:

“We’re busy assessing where the needs are, but one thing is clear, the needs are huge. Before we invest, these countries also have to show that they are continuing on a democratic path. We have to see democratic progress. We’ll be looking at all that as part of our assessment before we put any money in.”

Details of the aid package, which is also being provided by the World Bank, will be worked out in July. It is supposed to show support for the Arab Spring wave of uprisings, and bolster countries making the move towards democracy.