$100m fund and $54m foundation to be announced

A $100 million fund and a $54 million foundation will be announced by the Forum for the Future today, a senior US official has said.

"The US will contribute $50 million (Dh180 million) and Egypt and Morocco will each give $20 million for the establishment of the Fund for the Future.

"Denmark has pledged $1 million and we are hoping that the European Investment Fund will also contribute to the fund," US Assistant Undersecretary for European and Euroasian Affairs Daniel Fried said at a roundtable meeting with the media.

The Fund for the Future will help to promote small and medium-sized businesses in the Broader Middle East and North Africa region and will operate from Morocco and Egypt, he said.

"The US will contribute $35 million and Qatar $10 million to the Foundation for the Future," he said.

The Foundation for the Future will be a grant-making institution aimed at boosting democracy and political reform in the region.

A board entirely from the private sector and headed by a chairperson from the region will run the foundation.

"Both will be independent of all governments, but no location for the foundation has been selected yet," Fried said.