G8 to Discuss Investment in Arab Countries under Deauville PartnershipSource: www.export-egypt.com 9/16/2013, Location: Africa |
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The Deauville partnership, launched by the G8 in 2011 to support the economies of the Arab countries in transition, is holding a conference in London to stimulate greater investment in the region, announced the UK government.
Under the vision of 'open economies and inclusive growth,' the conference is focusing on eight priorities: Investment, trade, small and meduim enterprises (SMEs), women's economic participation, the European Bank of Reconstruction and Development (EBRD) mandate expansion, access to capital markets, asset recovery and the MENA transition fund for demand driven technical assistance. The Group of Eight (G8) is a forum made up of the world's largest national economies: France, Germany, Italy, Japan, UK, US, Canada and Russia, who between them comprise around 50% of global GDP. Launched after the so called 'Arab Spring,' the Deauville partnership includes the G8 countries and regional partners (Turkey, Kuwait, UAE, Qatar, and Saudi Arabia) as well as International Financial Institutions supporting Egypt, Tunisia, Libya, Yemen, Jordan and Morocco. Representatives of various foreign ministries participating in the conference will call for donors outside the partnership to contribute to the fund, which was initiated with a target of $250 million for several years, said the British government in an announcement. During the opening session of the conference, Monday, President of the ERBD, Sir Suma Chakrabarti, said investment has been increasing in the region since 2011 in infrastructure, banks and equity funds, as well as SMEs. "The EBRD and fellow international financial institutions have been working together in response to calls for economic change in the region ... concentrating particularly on the private sector, working to develop small and medium sized enterprises that have the greatest capacity to create employment," added Chakrabarti. Other initiatives planned by the Deauville Partnership include a mentoring initiative for 250 SMEs in order to share expertise between the Gulf, Turkey, G8 countries and transitional Arab nations. Additionally, a second Arab Forum on Asset Recovery is scheduled for October, with support from the World Bank and UN StAR Initiative, according to a UK Government website. |
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