Arabs earmark US$1.32 billion for SMEs

Egypt said on Tuesday it has secured US$1.32 billion to support small and medium enterprises in the Arab World.

The allocation is a part of US$2 billion dedicated to the purpose by the Arab Economic Summit held in Kuwait in January 2009.

The second summit, to be hosted in Egypt’s Sharm al-Sheikh resort in January 2011, will review the activation of resolutions adopted during the Kuwait meeting, according to Egypt’s assistant foreign minister for economic affairs, Mohamed al-Oraby.

Al-Oraby stressed that the upcoming summit will focus on development and reinforcing inter-Arab commerce through supporting infrastructure in the fields of land and maritime transport, as well as power-sharing projects.

Other issues to be discussed are land and maritime linkage projects, according to al-Oraby, who added that there are no political topics slated for discussion.

Translated from the Arabic Edition.

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