Kuwait on Sunday launched an initiative to create an Arab fund for encouraging investment in technology in Arab countries with a capital of $200 million.
The initiative was announced by Kuwaiti Foreign Minister Sheikh Sabah al-Khaled al-Sabah during Beirut’s Arab Economic and Social Development Summit.
Kuwait will contribute $50 million to the fund.
Qatar meanwhile announced that it would contribute $50 million in support of the initiative launched by Kuwait’s emir Sheikh Sabah al-Ahmed al-Sabah.
The summit had kicked off earlier in the day in the absence of the vast majority of Arab heads of state, in what appeared to be a snub to Lebanon, where groups led by Hizbullah had insisted that Syria should be invited.
President Michel Aoun opened the summit by calling for the creation of an Arab bank for “the reconstruction of conflict-afflicted countries.”
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