NOUAKCHOTT, July 22 (KUNA) -- Kuwait-based Arab Fund for Economic and Social Development (AFESD) was commended Friday on its keenness to implement His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah's initiative to finance Arab private sector and SMEs.
This came during preparatory meeting of the Arab League's Economic and Social Council ahead of the 27th Arab Summit due in Mauritania's capital of Nouakchott on July 25.
A draft resolution of the meeting noted that the total sum of initiatives hit USD 1.3 billion, while the accumulated loans reached USD 1.1 billion in 12 Arab countries.
It further approved holding economic summits every four years instead of every two years.
The meeting also welcomed a mechanism for implementing an initiative for agro-investment in Sudan in a bid to bridge the food gap in Arab countries.
The draft resolution also approved a deceleration to endorse Arab women empowerment, as well as it called for supporting and developing infrastructure of logistic zones in Arab countries, in addition to supporting peaceful use of nuclear energy. (end) mfm.hb