Libya transfers US$100 million to the Arab Fund for Small and Medium Enterprises
The Arab League Secretary-General Amr Moussa said that Libya had decided to donate US$100 million to support the initiative of the Kuwait Emir of providing financial support to fund small and medium enterprises in the Arab world. By this Libyan contribution, the capital of the fund paid amounts to US$1.4 billion or about 60 per cent of its projected resources.
It should be mentioned that during the 1st Economic Summit held in Kuwait two years ago, the leaders decided that the overall capital of the fund would be US$2 billion. So far, Kuwait transferred US$ 500 million, Saudi Arabia US$ 500 million, Oman US$ 20 million, Egypt US$ 20 million and Algeria US$ 10 million.
Other countries which participated in the capital of the fund are: Syria with US$ 10 million, Tunisia with a contribution of US$5 million, Sudan with US$ 10 million, Iraq US$5 million dollars, Yemen US$ million, Djibouti US$1 million dollars and Palestine US$1 million.
- State of the Arab World Economy report 2016: diversify, tax, slash subsidies
- Arab investors won't dump the Trump despite anti-Muslim remarks
- UAE economy minister projects high growth despite oil prices
- UAE can set the pace for innovation in the Middle East: IBM vice president
- Business community welcomes UAE's deficit-free budget
- Thani Investments Announce US$ 100,000,000 Musharaka Sukuk
- Tunisia presses other Arab leaders to support Palestine financially
- International Conference and Exhibition for Small and Medium Enterprises
- Egypt economy needs billions to recover - Amr Moussa
- Venture Capital Bank announces the first closing of its SME’s MENA Fund