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.
- Impetus from within: why the Arab World needs a very Arab 'Marshall Plan'
- 'Fiscal juggling': just how many economic priorities will Saudi Arabia's new King have to focus on?
- Despite Erdogan's 'harsh rhetoric', Turkish-Israeli is still booming
- UAE is best MidEast economy for attracting talent, index says
- The Arab Spring's success story: what will it take for Tunisia to unlock its full economic potential?