By Staff writer
Fund has so far received pledges of $1.18bn from 11 different Arab countries
Arab finance ministers have officially launched a $2bn development fund for
small and medium-size enterprises (SMEs) across the region.
Kuwaiti Finance Minister Mustafa al-Shamali said the Arab Development Fund has
so far received pledges of $1.18bn from 11 Arab nations, AFP reports.
The fund, proposed by Kuwait's
Emir Sheikh Sabah al-Ahmad al-Sabah, was set up in January 2009 at the first
Arab economic summit.
Saudi Arabia and Kuwait are
reported to have each pledged $500m and the Kuwait-based Arab Fund for Economic
and Social Development (AFESD), which will run the fund, pledged $100m.
Shamali said that the fund, which improve the living standards in the Arab
world, will only provide finance to SMEs in Arab countries that have pledged