Washington: Minister of State for Financial Affairs, Obaid Humaid Al Tayer, on Friday re-affirmed the United Arab Emirates’ commitment to support Arab countries in transition, noting that in July it gave $3 billion (Dh11 billion) to Egypt in the form of a $1 billion grant and a $2 billion no-interest loan, and in May pledged $5 million to the Transition Fund, established by the G8 Deauville Partnership with Arab Countries in Transition.
Al Tayer was speaking after a meeting of 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 on Friday in Washington DC.
Al Tayer also noted that the Arab Gulf states, including the UAE, in 2011, gave $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 UAE, 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 UK holds the presidency of G8 and The Deauville Partnership with Arab Countries in Transition throughout 2013.
