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EU bank calls for more Egypt, Tunisia funds

EU bank calls for more Egypt, Tunisia funds

The European Investment Bank is calling on the EU to allow it to give more money to support a transition to democracy in Tunisia, Egypt and other countries in the region.
EIB President Philippe Maystadt said Tuesday because of the crisis the bank used up the (EURO)8.7 billion ($11.9 billion) it was allocated to lend to the region between 2008 and 2013 faster than expected.
Maystadt says "we are ready to do more." He says the EIB needs a joint decision by EU member states and the European Parliament to increase lending.
He says the priority for new projects must be the creation of jobs, especially for young people.
Young people frustrated with the lack of opportunities in their countries were seen as the main drivers of the uprisings in Tunisia and Egypt.