Plans to boost Arab development bodies capital
Plan to boost capital to Arab development bodies is to be implemented
Click here to add Abdullah bin Abdul Aziz as an alert
Disable alert for Abdullah bin Abdul Aziz,
Click here to add Arab Bank as an alert
Disable alert for Arab Bank,
Click here to add Arab Fund for Economic and Social Development as an alert
Disable alert for Arab Fund for Economic and ...,
Click here to add Arab Monetary Fund as an alert
Disable alert for Arab Monetary Fund,
Click here to add Dubai as an alert
Disable alert for Dubai,
Click here to add Export Credit Guarantee Corporation as an alert
Disable alert for Export Credit Guarantee Co ...,
Click here to add Ibrahim bin Abdulaziz Al-Assaf as an alert
Disable alert for Ibrahim bin Abdulaziz Al-Assaf,
Click here to add Nadine Hani as an alert
Disable alert for Nadine Hani,
Click here to add Riyadh as an alert
Disable alert for Riyadh,
Click here to add Youssef Kamal as an alert
Disable alert for Youssef Kamal
A plan to boost the capital of Arab development funds by at least 50 percent is to be implemented over the next five years, Saudi Arabia’s Finance Minister Ibrahim bin Abdulaziz al-Assaf said today.
He said the increase will help Arab financial institutions such as the Arab Monetary Fund, Arab Fund for Economic and Social Development, the Arab Investment and Export Credit Guarantee Corporation and Arab Bank for Economic Development in Africa achieve their goals.
“Every institution has a particular goal,” al-Assaf said.
King Abdullah bin Abdul Aziz of Saudi Arabia unveiled in January an initiative to raise the capital of Arab financial institutions to help meet growing demand for funding regional development projects, especially in poor Arab states.
The initiative, announced in January during the third Arab Economic and Social Development Summit in Riyadh, was part of the agenda during an annual meeting of finance ministers held today in Dubai.
Speaking exclusively to Al Arabiya, al-Assaf said the capital boost will likely be implemented in several stages spanning five years or more.
“In this meeting we will discuss the ideal way to implement the decision of the Arab summit, which is based on the King Abdullah’s initiative," he said.
Al-Assaf did not specify the value of the anticipated capital boost but said both financial reserves of financial institutions and fresh money will be used.
The interview with al-Assaf was with Al Arabiya’s business presenter Nadine Hani.
Finance ministers from across the region gathered today in Dubai, as the global economic downturn and waves of protests across the Arab world continue to be felt in the region.
Qatar’s Finance and Economy Minister Youssef Kamal said the country’s government spending is expected to stay at about this year's level until 2017, after which it could drop.
Oman’s finance minister signaled spending restraint, saying that that budget policy would become more conservative.
- Nip, tuck: Dubai's grand plans for being a major player in medical tourism
- Zain, UNHCR, Facebook to bring free internet access to urban refugees in Jordan
- Yemen Central Bank headquarters to relocate from Sanaa to Aden
- IMF report details the crippling economic effects of conflict in MENA
- Start Up Lebanon entrepreneurs head to Silicon Valley Roadshow