Cairo/Kuwait City - Thirteen Arab countries on Monday launched a 1.2-billion-dollar development fund to support and finance private-sector small and medium enterprises in the Arab world.
Finance ministers gathered in Kuwait - led by Arab League Secretary General Amr Moussa - to discuss the mechanism and the regulations of the fund.
Saudi Arabia and Kuwait donated 500 million dollars each to the fund's capital, while the rest of the funds will be provided by another 11 Arab League members. Two more countries are expected to join the initiative.
The fund, which was proposed by Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah during an initial Arab economic summit last year, is expected to strengthen and provide necessary resources for enterprises in Arab states.
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