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UAE re-affirms commitment to support Arab countries in transition

posted on 12/10/2013: 2286 views

Washington D.C --- Minister of State for Financial Affairs, Obaid Humaid al-Tayer, on Friday re-affirmed the United Arab Emirates' (UAE) commitment to support Arab countries in transition, noting that in July it gave US$3 billion to Egypt in the form of a US$1 billion grant and a US$2 billion no-interest loan, and in May pledged US$5 million to the Transition Fund, established by the G8 Deauville Partnership with Arab Countries in Transition.

Minister al-Tayer was speaking after a meeting of the finance ministers of the Deauville Partnership with Arab Countries in Transition, an international effort launched by the G8 at the Leaders Meeting in Deauville, France in 2011. The ministerial meeting is part of the three-day annual meeting of The International Monetary Fund and The World Bank which began yesterday in Washington D.C.

Mr. al-Tayer also noted that the Arab Gulf states, including the U.A.E, in 2011, gave US$10 billion in five-year grants to Jordan and Morocco.

The Transition Fund is a pooled resource from which transition countries, such as Morocco, Tunisia, Libya, Egypt, Jordan, and Yemen can bid for grants to support highly-targeted reform projects.

The U.A.E, Saudi Arabia, Qatar, Kuwait and Turkey are the regional partners of the G8 Deauville Partnership which also includes the major international and regional financial institutions.

The U.K. holds the presidency of G8 and The Deauville Partnership with Arab Countries in Transition throughout 2013. - Emirates News Agency, WAM


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