25 May 2011

World Bank to lend billions to Egypt, Tunisia

2:47 pm on 25 May 2011

The World Bank has unveiled a package of $US6 billion in new funding for Egypt and Tunisia.

The money is aimed at helping the two North African nations transform their economies in the aftermath of mass protests that toppled their presidents.

The package includes budget support as well as lending to shore up the private sector and encourage new investment through political insurance coverage.

The flow of funding to Egypt is contingent on how far political and economic reforms are deemed to have advanced.

The World Bank is working closely with the International Monetary Fund, which is overseeing a separate funding package and currently has a mission in Egypt looking at financing needs.