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Tuesday, 27 December 2011 - Egypt's PM urges G8 to help unlock promised aid |
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Credit: Reuters/Amr Abdallah Dalsh By Marwa Awad CAIRO | Mon Dec 26, 2011 1:05pm EST CAIRO (Reuters) - Egypt's prime minister appealed to Group of Eight countries on Monday to help unlock billions of dollars in aid promised in September but not yet delivered under an initiative to support countries of the Arab spring. Army-backed Prime Minister Kamal al-Ganzouri, who was appointed in November, met ambassadors of G8 countries to tell them Egypt needed financial support immediately, Foreign Minister Mohammed Kamel Amr said. Under the so-called Deauville partnership, G8 countries agreed to supply economic and political aid quickly to several Arab governments in return for commitments they would pursue democratic reforms. The partnership, which also includes Saudi Arabia, Qatar and Turkey and international organizations such the International Monetary Fund (IMF), has so far pledged about $80 billion in financing to Tunisia, Egypt, Morocco and Jordan over the next two years. "The prime minister met with the ambassadors of the G8 countries to discuss Egypt's urgent economic needs and what these countries can give Egypt within the framework of the Deauville partnership," Amr told reporters after the meeting. "The prime minister shared with the ambassadors the government's plan to ensure security and stability on the streets," he added. Ganzouri said last week that apart from $1 billion sent by Saudi Arabia and Qatar, Egypt had received little of the promised aid. Egypt has lost billions of dollars in revenue from tourism and investors, who were frightened away by the uprising that toppled Hosni Mubarak in February. The financing under the Deauville partnership is mostly in the form of loans rather than outright grants, and is provided half by G8 and Arab countries and half by various lenders and development banks. In June, Egypt negotiated a $3 billion financial package from the IMF in June, only for its ruling military council to reject it a few weeks later. (Editing by Patrick Werr and Myra MacDonald) World Egypt Tweet this Link this Share this Digg this Email Reprints   We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.   Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Advertise With Us Connect with Reuters Twitter   Facebook   LinkedIn   RSS   Podcast   Newsletters   Mobile About Privacy Policy Terms of Use Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us   Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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