The Saudi Arabia kingdom has announced its pledge of $25 million to a World Bank "transition fund" that hopes to ease the economic situation in nations affected by the Arab Spring. The Gulf powerhouse is part of a group of countries, collectively known as the Deauville-partnership, which plan to donate $165 million to the fund, according to a report published by the Saudi Gazette on Saturday. Other donating countries include Germany, France, the United States, the United Kingdom, Russia, Japan, Italy and Canada.
The proposed funds will facilitate the process of economic modernization in states such as Tunisia, Egypt, Libya, Jordan and Morocco. Also, the Deauville-partnership is looking to include Yemen in their developing plans. The target goal is to raise a total of $250 million for the fund, this money will help to build economic institutions needed for reform in receiving countries. It will also provide grants for economic governance, trade, investment, and job creation. The Deauville-partnership seems to be on the verge of meeting their goal, as the United Nations has pledged $50 million; Britain has offered $25 million; and France has promised $12 million to the fund.