New funding initiatives under the U.S. Middle East Partnership Initiative (MEPI) discussed

The Foundation for the Future consists of a $54 million fund, and aims to support civil society groups as they attempt to promote human rights and democracy. The Fund for the Future has $100 million at its disposal. It 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.

Although the foundation is in its early stages and hasn't yet been formed, Carpenter was delighted with the progress that was made in Bahrain.

"The foundation is not fully created. We don't have the Board of Directors, and we still have to work out the charter of the foundation," he said. "What has been agreed is the principles that will guide the formation of that charter, so what we fully expect is that the foundation will be able to fund organisations in any country in the region," he added.

He also indicated the UAE is playing an active role in the Forum of the Future.

"The UAE is involved. They participate at foreign minister level, and they've been very supportive, politically of the forum. They are looking at the proposals relating to both the fund and the foundation," he said.

Founded in 2004, The Forum of the Future is a joint initiative among countries in the Middle East, North Africa and the G8 nations. Its aim is to promote democracy, greater freedom and economic growth in the Middle East region.