Kuwait announces US$2 billion Arab development initiative
Rate Article:
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."
Rate Article:
EDITOR’S CHOICE
Top Headlines
Recent Articles
- Libya transfers US$100 million to the Arab Fund for Small and Medium Enterprises
- Kuwait pledges funding for water, power project in south Lebanon
- Kuwait to cut corporate tax rates for foreign investors
- Morsi calls for greater Arab economic intergration
- AFESD allocates $23 million to Lebanese electricity network
