Call to aid Arab Spring economies

The international community must invest in the economies of the Arab Spring, to foster their transition into prosperous democracies and bolster them against the threats of instability and extremism, Chancellor George Osborne has said.

Despite the financial turbulence being experienced in the eurozone and around the developed world, Mr Osborne said it was vital not to deprive Arab countries which have shaken off dictatorship of the financial support they need to thrive.

Addressing the annual meeting of the European Bank for Reconstruction and Development (EBRD) in London, the Chancellor urged members to ratify rule changes to allow it to use its special funds in the southern and eastern Mediterranean.

The changes were agreed by the bank's governors last September and are due to come into effect in the summer, but 44 countries are yet to ratify. Among the Arab states which may receive support are Tunisia and Jordan, which joined the EBRD in December, and Egypt and Morocco, which are due to take on country of operation status soon.

Mr Osborne told the meeting: "A Middle East of open and democratic societies would transform the security of the world and brighten the prospects of millions of people. It is undoubtedly the greatest prospect of enlargement of human freedom and dignity since the Cold War.