Arab states agreed to form a $2bn fund to help small businesses through the credit crunch, one of the few concrete initiatives to emerge from an economic summit in Kuwait on Tuesday.
Mohammed Al Sabah, Kuwait’s foreign minister, told reporters at a press conference that the fund, to be managed by the Arab Development Fund, would include a microfinance programme to extend credit to cottage industries and help reduce unemployment in the Arab world.
“It’s already been proved that economic activity is the best way to control poverty,” he said at the end of the two-day Arab Economic, Social and Development Summit in Kuwait.
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