Industrialized nations are increasing their efforts to support countries affected by the Arab Spring in rebuilding their economies by providing more access to international credit markets, investment, and trade, according to a senior State Department official. The G8 leaders' summit also emphasized the need to stabilize the transition economies of Egypt, Libya, Jordan, Morocco, and Tunisia. The Deauville Partnership, launched last year by the G8, includes global lenders like the IMF and World Bank to support these countries in the wake of political upheavals. While there have been political and economic advancements since the Arab Spring, financial challenges persist and countries must focus on increasing exports and attracting foreign investment. The meeting aimed to show political support for these countries and acknowledge the ongoing work needed for their development. "Although there are changes happening, they still face significant financial challenges and require resources. The economic weaknesses in their main Mediterranean markets are not helping their situation," he explained, referring to the euro zone economic crisis. The G8 has decided to establish a program to assist these five countries in accessing international capital markets at reasonable financing terms in order to meet their financial requirements and enable government entities to invest in job-creating projects, according to statements from the State Department and U.S. Treasury on Monday. Additionally, G8 donors have agreed to establish a transition fund to enhance government institutions crucial for economic development. Hormats noted that the European Bank for Reconstruction and Development is seeking to amend its charter to establish a $4 billion special fund for investment in the region over the next three years. "We would like to complete the plans within the next month or so, but definitely by September," he said. Hormats mentioned that additional meetings regarding the Deauville Partnership would occur at a G20 leaders' summit in Mexico next month, on the sidelines of the U.N. General Assembly in New York in September, and at October meetings of the World Bank and IMF in Tokyo. He mentioned that he would be traveling to Paris and Tunis in the coming days to promote more investment and trade opportunities. While budget limitations prevented the United States from providing new aid to the countries, Hormats stated that Washington could offer support through various agencies such as the United States Agency for International Development (USAID), the Export-Import Bank of the United States, and the Overseas Private Investment Corp. Hormats also emphasized that G8 efforts were aimed at enhancing transparency and accountability in the countries, which would ultimately improve the business environment. Additionally, these efforts would help facilitate the return of stolen assets through the Stolen Asset Recovery Initiative, or StAR, managed by the World Bank and United Nations, which involved recovering stolen funds hidden overseas by former government officials. Political unrest in the Middle East and North Africa has led to a decrease in economic growth, prompting governments to spend large amounts of money to generate employment opportunities and combat rising expenses in order to prevent further protests. The region has also been negatively impacted by the debt crisis in the euro zone, which has caused global economic instability and a decrease in demand. The tourism industry, a key source of income for Tunisia and Egypt, has suffered, as have worker remittances. Egypt is currently in discussions with the IMF to finalize a $3.2 billion loan, although experts estimate the country's financial requirements to be around $15 billion. The IMF has indicated it could provide $35 billion to assist emerging Arab democracies.