Kingdom donates $500 million to support Arab small and medium-sized enterprises

December 3, 2009

The Kingdom of Saudi Arabia has notified the Secretary General of the Arab League Amr Moussa that it has delivered

$500 million towards the $2 billion fund established by the Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to support small and medium-sized enterprises in the Arab world.

The $500 million donation fulfills the Kingdom’s pledge at the Arab Economic, Social and Development Summit held in Kuwait last January.  The Kuwait summit stressed the importance of elevating the standard of living for Arab citizens, granting priority to joint Arab investments, and allowing for greater participation by the private sector and civil society in economic and social development.