A Moroccan delegation headed by Mr. Nizar Baraka, Minister of Economy and Finance, attended a meeting of members of Deauville Partnership Saturday, April 21st 2012 in Washington.
Indeed, members of Deauville Partnership announced the launching of a new initiative to help five Arab countries, including Morocco, to access capital markets in order to accelerate their development, during a ministerial meeting in Washington on the sidelines of the Spring Meetings of the IMF and the World Bank.
"The Initiative for the access to capital markets", benefiting Morocco, Tunisia, Libya, Egypt and Jordan, is an " additional important funding source and a complement to our previous commitments to help (these) countries to re- access to capital markets to accelerate development and allow for future investment in the region ", stated members of the Partnership of Deauville, launched in May 2011 by the G8 at its meeting in the eponymous French town.
Partnership members also agreed to consider setting up a new "transition fund" that would bring "donations, technical assistance, knowledge exchange and help countries to strengthen institutions, develop and implement reforms locally designed, "according to the press release related to this event.
Together with other partners, "the United States, the United Kingdom, the European Union, Saudi Arabia, France and Italy will work to bring this initiative forward", adds the same source.
The Deauville Partnership aims at supporting the political and economic changes in Tunisia, Egypt, Jordan, Libya and Morocco.
It includes, in addition to the members of the G8 (Germany, Canada, USA, France, Italy, Japan, UK and Russia), countries such as Kuwait, Qatar, Saudi Arabia and the United Arab Emirates, as well as international organizations like the International Monetary Fund, the World Bank and the European Bank for Reconstruction and Development.
The aforementioned meeting was chaired by Mr. Timothy GEITHNER, the U.S. Secretary of the Treasury.