According to a senior State Department official, industrialized nations are increasing efforts to assist countries affected by the Arab Spring in rebuilding their economies. The focus is on providing more access to international credit markets, investment, and trade. While the recent G8 summit addressed the economic crisis in the euro zone, it also highlighted the need to stabilize the economies of transition countries such as Egypt, Libya, Jordan, Morocco, and Tunisia. The Deauville Partnership, established last year by the G8, involves global lenders like the IMF and World Bank to support these countries following the uprisings. Despite political and economic progress in these nations since the Arab Spring, financial conditions remain challenging and there is a need to boost exports and attract foreign investment. The goal of the meeting was to show political support for these countries and emphasize the importance of continued development efforts. He stated that, despite ongoing changes, significant financial challenges persist and resources are needed. He mentioned that economic weaknesses in their major Mediterranean markets are hindering progress, particularly due to the euro zone economic crisis. To address this, the G8 has decided to establish a capital markets access initiative to assist these countries in accessing international capital markets at reasonable terms for financing needs and to support government enterprises in job-creating projects. Additionally, G8 donors have agreed to establish a transition fund to bolster important government institutions for economic development. The European Bank for Reconstruction and Development is also working on amending its charter to establish a $4 billion special fund for investment in the region over the next three years. He mentioned that they would like to complete the plans within the next month or so, but definitely by September. Hormats added that there would be further meetings related to the Deauville Partnership at a G20 leaders' summit in Mexico next month, at the U.N. General Assembly in New York in September, and at October meetings of the World Bank and IMF in Tokyo. He also mentioned that he would be traveling to Paris and Tunis in the next few days to promote more investment and trade opportunities. Due to budget constraints, the United States could not provide new aid to the countries, but could offer support through organizations like USAID, the Export-Import Bank of the United States, and the Overseas Private Investment Corp. Hormats explained that G8 efforts were focused on enhancing transparency and accountability in the countries, which would improve the business environment and aid in the recovery of stolen assets through initiatives like StAR. Political unrest in the Middle East and North Africa has led to a decrease in economic growth, prompting governments to spend large sums of money to create jobs and combat rising costs in order to prevent further protests. Additionally, countries in the region have been negatively impacted by the debt crisis in the euro zone, which has caused global economic uncertainty and a decrease in demand. Tourism, a significant source of income for Tunisia and Egypt, has suffered, and worker remittances have declined. Egypt is currently negotiating with the IMF for a $3.2 billion loan, although experts estimate the country's financial needs to be closer to $15 billion. The IMF has indicated that it could offer up to $35 billion in assistance to support emerging Arab democracies.