TUNIS (AFP) – The World Bank and African Development Bank on Tuesday pledged $1 billion (673 million euros) to support Tunisia in its transition following its popular uprising.

"The African Development Bank (AfDB) and the World Bank pledged $1 billion to support Tunisia after the presidents of both institutions met... in Tunis, where they discussed modalities for intensifying their cooperation to support Africa's development," the institutions said in a statement.
"Each bank will provide $500 million in budget support to the country," it said.
"We are working very closely together to support Tunisia in this period of transition," AfDB President Donald Kaberuka said in the statement.

"We're absolutely delighted in Tunisia that the African Development Bank and the World Bank are able to provide early signals of support, which I think are very important for the confidence of the country," World Bank head Robert Zoellick added.
He said he welcomed reforms including "some of the steps to improving governance, transparency, the freedom of association law (and) also some of the efforts to create jobs and improve the employment system and focus on the lagging regions."

Tunisia is in transition following a popular uprising that forced former president Zine El Abidine Ben Ali to flee the country on January 14, ending 23 years in power. It inspired similar uprisings across the Arab world, including in Egypt and Libya.
An interim government is running the country and elections for a constituent assembly are due July 24.
Zoellick said that with their financial support, the banks "want to lean forward and support a process that is not only important for the people of Tunisia, but we think also important for history."