Kuwait announces US$2 billion Arab development initiative
The Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah announced Monday a US$2 billion Arab development initiative to provide financial resources for financing and supporting small and medium enterprises (SMEs). Addressing the opening session of a two-day Arab Economic summit in Kuwait, Sheikh Sabah said Kuwait would contribute US$500 million to the capital of this initiative, which aimed at providing financial resources necessary for financing and supporting SMEs.
According to KUNA, he said this initiative would be managed by Kuwait-based Arab Fund for Economic and Social Development (AFESD). This initiative, hoped the Kuwaiti leader, "will be a vital source for enhancing Arab corporate work, and enhancing the role of the Arab private sector."
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