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FINANCIAL NEWS
Saudi Arabia calls for more contributions to AFESD fund
22 Jan 2013
(MENAFN) Saudi Arabia has invited the members of the Arab Fund for Economic and Social Development (AFESD) to boost the fund’s capital by a minimum 50 percent, and called for more trade ties between Arab countries, Reuters reported.
The Kuwait-based fund’s capital stood at USD7.10 billion as of December 31, 2011, according to the fund’s website.
Owned by 21 Arab governments, the fund lends at low rates over 20 to 25 years mainly for power, water and communications projects.
The call was made by Saudi Crown Prince Salman at an Arab economic summit in Riyadh, who affirmed that Saudi Arabia was willing to pay for its share in whatever increase was agreed by the fund’s owners.
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