LOC18:52
15:52 GMT
Kuwait Minister of Finance Mustafa Al-Shimali speaking to KUNA
KUWAIT, Jan 19 (KUNA) -- Kuwait Minister of Finance Mustafa Al-Shimali said Monday initiative of His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah's contribution with USD 500 million for the Arab development initiative would provide financial resources for development projects in the Arab countries.
Speaking to KUNA on sidelines of the Arab Economic Summit, Al-Shimali the contribution would finance small enterprises to be established in the Arab countries.
The Arab development initiative will be managed by Kuwait-based arab fund for Economic and Social Development (AFESD).
Al-Shimali said the financial contribution of Kuwait was a bid to increase capabilities and development needs in the Arab world via providing more jobs.
Al-Shimali, meanwhile, noted that Sheikh Sabah announced a USD-34-million donation to honor immediate needs of the UN relief and Works Agency (UNRWA) in the occupied Palestinian territories. (end) kt KUNA 191852 Jan 09NNNN