LOC10:31
07:31 GMT
KUWAIT, Jan 20 (KUNA) -- The Arab Economic Summit, that kicked off here Monday, will conclude later Tuesday by issuing resolutions that will set the path for development in the Arab world.
His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah stressed in his speech to the summit on Monday the importance of development and announced an initiative of a USD-two-billion fund to finance Arab development projects and small and medium enterprises (SMEs), to which Kuwait contributed USD 500 million.
His Highness Sheikh Sabah said he looked forward contributions of Arab leaders to support the fund to boost joint Arab economic action and increase the role of the Arab private sector in development.
On Tuesday, Arab leaders or their representatives will hold a closed-door session to approve the Kuwait Declaration and the summit's resolutions and implementation mechanisms.
The meeting will be followed by the summit's closing session in which the declaration will be announced.
The draft declaration called for financing infrastructure projects, developing the production, trade, services, environment, and social fields to achieve Arab integration. (end) kt KUNA 201031 Jan 09NNNN