http://business.financialpost.com/2011/09/10/g8-pledges-38-billion-in-arab-spring-aid/

MARSEILLE, France — Group of Eight finance chiefs pledged $38-billion on Saturday in financing to Tunisia, Egypt, Morocco and Jordan over 2011-13, widening a deal agreed in May and offering Libya the chance to partake too.

The IMF promised a further $35-billion in funding to countries affected by Arab Spring uprisings and formally recognized Libya’s ruling interim council as a legitimate power, opening up access to a myriad of international lenders as the country looks to rebuild after a six-month war.

G8 chair France said the figure agreed at talks in the Mediterranean port of Marseille was roughly double a sum agreed in May, when the eight economic powers met in the northern French seaside town of Deauville. In Marseille, the original Arab Spring partnership was extended to Jordan and Morocco.

Finance Minister Francois Baroin said that Libya, whose National Transitional Council was represented at the talks, had also been invited to join the so-called Deauville Partnership.

“The institutions pledged to increase their financial network to $38-billion compared with the $20-billion pledged at Deauville,” Baroin told a news conference. “These are not just words, an important step was taken this morning.”

Getting IMF recognition is significant for Libya’s interim leaders as it means international development banks and donors such as the World Bank can now offer financing.

The financing is mostly in the form of loans, rather than outright grants, and is provided half by G8 and Arab countries and half by various lenders and development banks.

It includes $10.7-billion put up by the World Bank, $7.6-billion from the African Development Bank, $5-billion from the Islamic Development Bank and more from the European Bank for Reconstruction and Development (EBRD) and other lenders.