The GCC's historic chance to invest in Africa

The GCC's historic chance to invest in Africa
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Published November 25th, 2013 - 11:49 GMT via SyndiGate.info

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Nonetheless, the meeting in Kuwait provides GCC countries a new push for further upgrading an existing trade deal with a key entity in Africa.
Nonetheless, the meeting in Kuwait provides GCC countries a new push for further upgrading an existing trade deal with a key entity in Africa.
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Lusaka
,
Sirte
,
Bharti Airtel
,
Zantel
,
Muammar Gaddafi
,
Sabah Al Ahmad Al Sabah
,
European Economic Community
,
Sovereign Wealth Institute
,
Gulf Cooperation Council
,
Parliament in Bahrain
,
Southern Africa

The fact that Kuwait, a member of the Gulf Cooperation Council (GCC), hosted the third Arab-African summit last week is a notable development.

Possibly, gone are the days when the deposed Libyan leader, Muammar Gaddafi, would serve as a host of pan-Arab and African meetings. The Libyan city of Sirte hosted the second Arab-African summit in late 2010 only weeks prior to the eruption of the Arab Spring. Colonel Gaddafi himself could not survive the waves that burst through in the wake of the tumultuous event.

The meeting in Kuwait took place on the theme of ‘Partners in Development and Investment’. The host country was quick to translate the message into deeds.

On the eve of the summit, Kuwait’s Emir, Sabah Al Ahmad Al Sabah, pledged $1 billion (Dh3.67 billion) in low-interest loans to African countries for a period of five years. It is possible that other resourceful GCC countries, with special funds for global development, would follow suit.

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