WASHINGTON (Reuters) - President of the Bank World Robert Zoellick on Tuesday unveiled $ 6 billion in funding to help the budget address Tunisia and Egypt and shortfalls in reserve this year and next year, following the popular uprisings which took end years of dictatorships, but which have caused economic hardship.
Zoellick said that a meeting of the Group of eight in France this week will discuss transitions sweeping the country in the Middle East and the North Africa.
He said that the World Bank works closely with the IMF, which oversees a separate envelope focused on macroeconomic stability. An IMF mission is currently in Egypt, he added.
For the Egypt, the plans of the World Bank to make available to $ 4.5 billion in the course of the next 24 months, including 1 billion dollars this year to budget support and $ 1 billion next year depending on how far from the political and economic reforms have advanced.
The remaining $ 2.5 billion will be invested in development in Egypt projects, loans to support the private sector and political risk guarantees.
For the Tunisia, the World Bank plans $ 1 billion in support for the budget and investment projects, beyond $ 500 million already announced to help the Government, Zoellick added.
In addition, the World Bank plans to lend up to 400 million for projects in the private sector and 100 million dollars in guaranteed investments, said Zoellick. He said that the funding will be disbursed after approval by the World Bank Board next month.
He noted that provisional Government of the Tunisia also dealt with the cost of some 50,000 refugees fleeing the conflict in the neighbouring countries of the Libya, with some 6 000 to 7 000 in United Nations camps.
(Reported by Lesley Wroughton;) (Editing by James Dalgleish)
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