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G8: $38 billion for Arab Spring nations

MARSEILLES, France, Sept. 11 (UPI) -- Arab Spring nations will receive $38 billion in financing from international financial institutions, the Group of Eight leading industrialized nations said.

Members of the G8 -- which met Saturday in Marseilles, France -- include Britain, Canada, France, Germany, Italy, Japan, Russia and the United States.

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The amount is an increase from the $20 billion originally promised by the group at its last meeting in May, The Wall Street Journal reported.

The G8 had its first meeting with members of Libya's new government, while International Monetary Fund managing director Christine Lagarde says the IMF now officially recognizes the National Transitional Council in Libya. The G8 says it also plans to release Libyan assets frozen by the U.N. Security Council.

"We stand ready to support the Libyan authorities in their endeavor to rebuild the country and conduct a Libyan-led transition towards shared prosperity," the G8 said.

Additional financing to Egypt, Morocco, Tunisia and Jordan could come from the World Bank, the African Development Bank and the European Bank for Reconstruction and Development and the International Monetary Fund.

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