Countries caught up in the turmoil of the Arab Spring will have access to an additional one billion euros ($1.37 billion) in loans starting from November 1, the European Investment Bank (EIB) said Thursday.
The money is specifically earmarked "for Southern Mediterranean countries undertaking political reforms," the EIB - the EU's lending arm - said in a statement following a European Parliament vote approving the changes.
The move had been announced by EU leaders in March in the wake of the democratic uprisings which brought about regime change in Tunisia and Egypt, unseated the regime of Muammar Gaddafi in Libya and fostered reforms in Morocco.
Arab Spring countries are also expected to benefit from a parallel decision to allow the EIB to lend an extra two billion euros for projects designed to combat climate change.
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