The leaders of Arab countries attending the Third Arab Economic and Social Development Summit, held in Riyadh on 21-22 January, endorsed Saudi King ‘Abd Allah’s initiative to raise the capital of joint Arab financial institutions by at least 50%. This capital increase would help these institutions to participate effectively in the economic and social development of the Arab world and to evolve mechanisms for development, including the necessary financial procedures.
Saudi Foreign Minister Sa’ud al-Faisal said that the king’s initiative adopted in the summit’s Riyadh declaration would raise more than $10bn in new funds, which could be used by these institutions to play an active role in Arab development. The declaration notes that with new resources, national projects could be set up in partnership with the private sector in the Arab world to create more employment. (CONTINUED - 298 WORDS)