US Wins G8 Backing For Initiatives To Promote Small Businesses In Middle East Region.
US Secretary of State Condoleezza Rice on Saturday at a Group of Eight-sponsored meeting in Bahrain will announce the creation of a grant-making private foundation with as much as 50 million US dollar (ca. 310 mio. DKR) in start-up funds aimed at democratizing the Mideast, reports The Wall Street Journal Europe.
Rice at the same time will announce a 100 million US dollar-plus enterprise fund that will take equity positions to promote small and medium-size corporations across the region. The fund will launch operations in Egypt and Morocco with some 50 million dollar of US money.
Importantly, Egypt and Morocco will each put up 20 million dollar. The EU is likely to participate through a 30 million dollar contribution from the European Investment Bank.
The two measures – known as “The Foundation for the Future” and “The Fund for the Future” – have significance beyond the initially modest backing behind them.
That is partly because of the G8 imprimatur and the fact that their broad, non-government nature could make them lasting institutions that become a magnet for the regions fledgling pro-democracy forces.
Kilde: www.worldbank.org
