Brussels, 14/06/2013 (Agence Europe) - The European Bank for Reconstruction and Development (EBRD) is to commit €2.5 billion annually from 2015 for Arab countries in transition (Tunisia, Egypt, Jordan and Morocco) under the “Deauville Partnership” which was launched politically at the G8 meeting of heads of state in 2011.
This announcement was made in Tunis on Thursday by Phil Bennet, EBRD First Vice-President, who was attending the International Investment Forum in Tunisia. The funds, he stressed, are to be allocated to sustainable development projects in the South and East Mediterranean (SEMED) area. Each year, the EBRD deploys global investment of €9 billion, building on its past experience to the benefit of the former communist Europe. There is no precise figure for Tunisia alone. “This will depend on market opportunities, the investment climate and business”, said Marie-Alexandra Veilleux, who has been appointed the representative of the Tunisian bureau of the EBRD, the first in the region, which was inaugurated on this occasion. The leader of the Tunisian government, Ali Larrayedh, who opened the Forum, said that Tunisia was aiming to mobilise 3,000 million dinar (at a rate of around €1/TND 2.2) in the form of foreign direct investment. The Islamic Development Bank (IDB) has for its part announced the setting in place of a partnership that will extend over the period 2013-2015, involving investment of $1.2 billion. Speaking on behalf of the United States, Under Secretary of State Wendy R. Sherman, who was at the Forum, announced the creation of an investment fund with $US 52 million to encourage young businesses and the availability of a bank guarantee of $US 50 million. On the sidelines of the Forum, the countries of the Deauville group held an in camera meeting. The Deauville Partnership, implemented in April 2012, is based on the mobilisation of international funding and mechanisms to the benefit of four countries that are beginning their democratic transition. Three areas of action have been chosen: governance (coordinated by the OECD), finance (coordinated by the African Development Bank), and trade to promote the region's integration and anchor it in the world economy. In parallel, the Deauville group had decided to enlarge the EBRD mandate in order to manage funding intended for this operation in support of transition. (FB/transl.jl).