Forum for the future promotes democracy, job creation
Regional, Politics, 11/12/2005

Leaders from Europe, the United States and the Arab states announced November 12 the establishment of two new institutions under the auspices of the Forum for the Future to support democratic reform efforts and economic growth in the broader Middle East and North Africa.

The Forum for the Future, founded in 2004, is a joint initiative between the countries of the broader Middle East and North Africa and the Group of Eight (G8) nations. It provides an opportunity for members of governments, civil society and the private sector to discuss political and economic reforms aimed at promoting greater freedom, democracy and economic growth in the Middle East region.

The G8 nations include Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and Russia. However, several other European countries have joined the Forum for the Future initiative and are contributing capital to the two new projects: the Foundation for the Future and the Fund for the Future.

THE FOUNDATION FOR THE FUTURE

According to Yemeni democracy advocate Ezzedin Alasbahi, the purpose of the $54 million Foundation for the Future is to support civil society groups as they work "to achieve the common goals of promoting the values of human rights and democracy, in order to fulfill the aspirations of the people for human development, for liberty and for freedom."

The foundation will provide grants and technical assistance to nongovernmental organizations (NGOs), academic institutions and professional associations working to promote democratic reforms and civic awareness.

Alasbahi said the creation of the foundation is the culmination of numerous gatherings of civil society groups in the region over the past two years and called it "an important milestone" in the journey towards greater involvement of civil society in the political reform process.

Jordanian Minister of Planning Suhair al-Ali underscored the importance of these nongovernmental forces in forging good government policy. "We need to listen to your voices and to your needs regarding developmental areas in each of our countries and in the process of reform, both economic and political," she said.

She said she expects the foundation to be an important tool for promoting freedom and democracy in the region. Jordan will host the initial preparatory meeting for the foundation in December, and leaders hope that it will be operational by early 2006.

Although a site has not yet been selected for the headquarters of the foundation, Qatar, which has pledged $10 million to the initiative, has offered to host the organization.

US Secretary of State Condoleezza Rice highlighted the foundation's focus on the ideas and ideals of "indigenous reformers" as the most effective basis for democratic development.

THE FUND FOR THE FUTURE

Rice also hailed the second new initiative, the Fund for the Future, saying, "For democracy to achieve lasting and sustainable success, it must also be nurtured by a vibrant economy and an ever-growing middle class."

The $100 million Fund for the Future will provide equity investments and technical assistance to small and medium-sized enterprises in the region in an effort to stimulate economic growth and job creation.

Rice said that the region will have to create as many 100 million jobs over the next 10 years in order to provide economic opportunities to its growing population.

The fund will focus its initial operations on Egypt and Morocco, each of which has contributed $20 million to the startup capital, but Rice said it will ultimately be available to "all states that choose the path of economic liberty and reform."

The fund is modeled on enterprise funds that the United States established in the newly democratic countries of Central and Eastern Europe in the 1990s.

Egyptian Minister of Investment Mahmoud Mohieldin said the fund "brings hope to our societies." He added that the governance standards of the fund will help instill an appreciation for transparency, accountability, workers' rights and respect for the environment within the business community.

Moroccan Foreign Minister Mohamed Benaissa echoed Mohieldin's belief that the fund will improve the business environment in his country and stated his hope "that our enterprises will take advantage of this genuine instrument to promote growth, generate job creation and stimulate growth, investment and innovation."

Mohieldin also expressed his hope that the economic developments stimulated by the fund will be mirrored by developments within the political arena because "political and economic reforms are highly interrelated and jointly needed to achieve economic growth and prosperity."

The two new institutions will be governed by private-sector boards of directors chaired by representatives from the broader Middle East region. They will operate independently of the participating countries' governments.

To date, financial supporters of the Foundation for the Future include Bahrain, Denmark, the European Commission, Greece, Hungary, Italy, Morocco, Jordan, the Netherlands, Spain, Switzerland, Turkey, Qatar, Yemen, the United Kingdom and the United States. Supporters of the Fund for the Future include Egypt, Morocco, Denmark, the United States and Bahrain.

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