(With photos) CAIRO, Dec 20 (KUNA) -- Initiative of His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for setting up a fund for supporting small and medium enterprises (SMEs) will be executed as of next January, the Arab League Secretary General Amr Moussa announced on Sunday.
The Kuwaiti initiative made at the Arab Summit for Economic and Social Development, hosted by the Gulf State nearly a year ago, "has become in the execution phase," and the fund will be officially launched once a supervisory board has been assigned by the financiers, Moussa said during a meeting with a delegation of the chairmen and general directors of Arab news agencies.
Among the participants in the meeting, held on sidelines of the 37th session of the general assembly of FANA, the Federation of Arab News Agencies, was Chairman of Board and Director-General of Kuwait News Agency (KUNA) Sheikh Mubarak Al-Duaij Al-Sabah.
First contribution in the fund was made by Kuwait, with USD 500 million, followed by Saudi Arabia, with the same sum, and later contributions by other members states with smaller and varying sums, Moussa said.
The Kuwait-based Arab Fund for Economic and Social Development will supervise the fund, in coordination with other Arab funds.
The Secretary General added that Arab research centers were charged with conducting feasibility studies for some transport projects namely railway and road ventures, as well as the joint Arab market, within the framework of the implementation of the resolutions of the Kuwait summit.
Some railway networks have been already built -- namely the 200-km-long rail service line linking up Nawakshut, Mauritania, with Morocco, Moussa said.
HH the Amir had proposed setting up the fund for supporting small and medium projects at a capital of USD two billion.
Moussa during the meeting touched on various other issues namely the Iraqi, Palestinian questions and the inter-Arab ties. (end) sm.nwr.rk KUNA 210034 Dec 09NNNN