Arab states launch $2b development fund

20 Oct 2010

(MENAFN) Arab finance ministers have officially launched a $2 billion development fund that will provide loans for small and medium projects in Arab countries, Kuna reported.

The Arab Development Fund was proposed by Kuwait’s Amir Shaikh Sabah Al Ahmad Al Sabah. It was approved by the first Arab economic summit in January last year.

Speaking to reporters after the launch ceremony, Kuwaiti Finance Minister Mustafa Al Shamali said the fund has so far received pledges of $1.18 billion from 11 Arab nations, adding that more contributions were expected.

The original proposal envisaged a $2 billion fund, a figure that was repeatedly mentioned by ministers. Oil-heavyweights Saudi Arabia and Kuwait have each pledged $500 million.

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