Arab economies to grow by more than 5% in 2011
The Arab economies will grow between 2.4% and 4.5% by the end of 2010 and rise by more than 5% in 2011. These positive remarks were made by Jassim Al Mannai, Director General of the Arab Monetary Fund.
According to him, the Arab economies and banks are in better position compared to those in other parts of the world. He added they were less affected by the global financial crisis. Al Mannai explained that the actions by several countries to confront the crisis by increasing spending and injecting additional liquidity to banks helped them to confront the crisis.
He made the remarks on the sidelines of the signing ceremony of providing a new credit line between the Arab Trade Financing Program and the National Bank of Kuwait, held in Abu Dhabi. The new line is worth US$30 million and it will be used for the financing of Kuwait's foreign trade. The program provides a credit line to the branch of the National Bank of Kuwait in Dubai worth US$ 10 million.