No S Africa bid for 2020 Olympics

The FNB Stadium in Johannesburg staged the 2010 World Cup final South Africa's Olympic committee president Gideon Sam has ruled out a bid for the 2020 Games.

South Africa's cabinet said it had decided that it was better for the country "to consolidate the gains of the 2010 Fifa World Cup for now".

Sam said the government statement meant a bid was "off the radar for now".

The country's Olympic committee had hoped to bid to bring the Olympics to Africa for the first time after the World Cup had passed off successfully.

But the cabinet has decided it should instead focus on fighting poverty and delivering basic services such as water and electricity to all citizens.

London is preparing to stage the 2012 Games while the 2016 summer Olympics have been awarded to Rio de Janeiro.

The International Olympic Committee Monday kicked off the bid process on Monday for the 2020 summer Games, with a winning city expected to be announced in two years' time in Buenos Aires.

Italian capital Rome, which beat off domestic competitor Venice, has been named as the first official bidder.

It is likely to face competition from other would-be hosts across the globe, with Japan and various venues across the Middle East expected to mount bids.

IOC president Jacques Rogge retains a long-held desire to bring the games to Africa. Egypt, Kenya and Morocco are considered to be long-shot candidates, if they mount bids at all.

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World Bank: $6bn for North Africa

24 May 2011 Last updated at 16:10 GMT The World Bank move is explicitly aimed at bolstering the Arab Spring democratic revolutions The World Bank has pledged $6bn in loans for Egypt and Tunisia in a move explicitly to bolster the Arab Spring.

Egypt, which will receive $4.5bn over two years, is also speaking to the International Monetary Fund (IMF).

Meanwhile, Qatar has offered to make up to $10bn in investments in Egypt.

It comes after the European Bank for Reconstruction and Development - set up to aid post-Communist Eastern Europe - said at the weekend it would start lending to emerging Arab democracies.

Egypt and Morocco had already applied to the EBRD for financial assistance.

But while the lender said it hoped to provide up to 2.5bn euros a year to the region eventually, any such wholesale geographic reorientation of its mandate would need the approval of its 63 members.

Funding gap

Like the EBRD, the World Bank explicitly stated its desire to support the Arab Spring of democratic revolutions.

"Our support, and that of others, can sustain momentum and accelerate progress, but only if coupled with real reform," said Robert Zoellick, World Bank president.

The World Bank money will be made conditional on the countries' progress in modernising their economies.

Tunisia - which was the first country to oust its former dictator - will receive $1.5bn from the international lender, of which $500m is part of a previously-announced $1.2bn package put together with the African Development Bank and European donors.

Two tranches of $1bn, to be provided directly to the Egyptian government this year and next, would be linked to "governance and openness reforms".

The other money would be provided in other formats, such as guarantees, private business loans and infrastructure financing.

Egypt's financing needs are daunting, thanks to a collapse in the economy - notably the tourism industry - triggered by the recent political turmoil.

Elevated demands of the people after the revolution were adding to pressure on the budget, Finance Minister Samir Radwan told the BBC earlier this month.

The country expects to run a deficit of 9-10% of economic output in the coming year and faces a financing gap of $10bn-12bn, which it has already formally applied to the IMF to help plug.

Gulf support

Qatar's planned investments in Egypt are expected to be consummated during a visit to Egypt by Qatar's emir this Saturday.

"I believe these projects, when implemented, will surpass $10bn and they will be productive products in Egypt," said the Qatari ambassador, Saleh al-Buainein.

The emirate may also buy up Egyptian government bonds in order to help fund its deficit.

It comes after the US and Saudi Arabia offered the new Egyptian government financial support.

The US said it would cancel $1bn in debts and provide a further $1bn in loan guarantees to support infrastructure finance.

Meanwhile, Saudi Arabia has offered a $4bn aid package.

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