G8 leaders wrap up summit, pledge billions of dollars for new partnership with Arab

 The leaders of the world's richest countries wrapped up a two-day summit here on Friday, pledging billions of dollars in a new partnership with the Arab world to promote desired change in the region.

"Today we launched the 'Deauville Partnership' with the people of the region, based on our common goals for the future," the leaders of the Group of Eight (G8) industrialized nations said in a joint declaration after an annual summit in the French seaside resort of Deauville, with the recent turmoil in the Middle East and North African region high on their agenda.

"In light of the recent developments in the Middle East and North Africa, and in Sub-Saharan Africa, we renewed our commitment to support democratic reform around the world and to respond to the aspirations for freedom," they said.

In a clear sign to show support to the political change in the region, the G8 leaders invited the newly-elected prime ministers of Egypt and Tunisia to attend a so-called outreach session of the summit on the last day.

"We met with the Prime Ministers of Egypt and Tunisia, and decided to launch an enduring partnership with those countries engaging in a transition to democracy and tolerant societies," they said.

As part of the Deauville Partnership with Arab nations, the rich countries pledged billions of dollars at the summit to foster western-style democracy in the region.

French President Nicolas Sarkozy, the host, said at a press conference after the summit that the international community was making available a total aid package worth 40 billion U.S. dollars for Arab countries, among which 20 billion dollars would come from multilateral lenders with the support of G8 countries.

On top of the 20 billion dollars, rich countries also pledged to give 10 billion dollars on bilateral arrangements, and another 10 billion dollars would come from Gulf countries including Saudi Arabia, Qatar and Kuwait.

Sarkozy said the figure did not include contribution from the International Monetary Fund (IMF), which was expected to provide 35 billion dollars, raising the total aid to Arab countries to some 75 billion dollars.

The Fund potentially could make available as much as 35 billion dollars in financial assistance to the region in the years ahead as part of a broad international effort, the Washington-based IMF has said in a statement.

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