LOC13:02
10:02 GMT
KUWAIT, Jan 19 (KUNA) -- His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah announced Monday a USD-two-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 here, Sheikh Sabah said Kuwait would contribute with USD 500 million of the capital of this initiative, which aimed at providing financial resources necessary for financing and supporting SMEs.
This initiative, he said, would be managed by Kuwait-based Arab Fund for Economic and Social Development (AFESD), which represented a distinguished milestone of the Arab corporate work through a board of trustees from participating countries to draw programs of this initiative, provide necessary financing tools and guarantee sustainability of its operations thus achieve anticipated objectives.
Sheikh Sabah said he was looking forward for contributions from Arab countries.
This initiative, hoped the Amir of Kuwait, "will be a vital source for enhancing Arab corporate work, and enhancing the role of the Arab private sector." (end) Kt KUNA 191302 Jan 09NNNN