'Democracy' fund flush with Saudi money
Friday 12 October 2012
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EmailThe United States and its allies announced a new "transition fund" of $165 million (£100m) today for "emerging Arab democracies."
It's part of the "Deauville partnership" set up by the Group of Eight world powers in 2011 and is backed by the International Monetary Fund and World Bank.
The partnership officially works to "underpin democracy and economic reform" by funding institutions that promote its ideas.
Bolstering its democratic credentials is autocratic monarchy Saudi Arabia, which stumped up $25m (£16m) - the same as Britain's contribution and only outdone by the US.
Yemen joined the countries participating in the partnership's scheme today, alongside Egypt, Tunisia and Libya, where governments have been overthrown over the past two years, but also Morocco and Jordan where monarchies remain in place.
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