G-8: World banks to give $40B for Arab Spring

[May 27, 2011]  DEAUVILLE, France (AP) -- Officials say that rich countries and international lenders are aiming to provide $40 billion in funding for Arab countries trying to establish free democracies.

Tunisia's finance minister said leaders of the Group of Eight industrialized nations floated the figure at a summit in this French resort Friday.

A French official says $40 billion is the overall goal, but that breakdowns by country and timetables are still under discussion. The official was not authorized to be publicly named according to his office policy.

The prime ministers of Tunisia and Egypt met Friday with President Barack Obama and other G-8 leaders and appealed for help after uprisings earlier this year that overthrew longtime autocrats but also scared away tourists and investors.

[Associated Press; By JAMEY KEATEN]

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