Saudi Arabia unveils plan to boost capital of Arab financial institutions

Crown Prince Salman bin Abdulaziz Al Saud, Deputy Premier and Minister of Defense kicks off the Arab Economic Forum in Riyadh.

King Abdullah bin Abdul Aziz, of Saudi Arabia, unveiled Monday an initiative to raise the capital of Arab financial institutions by at least 50 percent in order to keep up with the growing demand for funding development projects in the Arab world, especially in poor Arab states.

The initiative was made public by Crown Prince Salman bin Abdulaziz Al Saud, Deputy Premier and Minister of Defense, during the third Arab Economic and Social Development Summit being held in the Saudi capital Riyadh.

The summit brought together leaders from around the Middle East to discuss ways of improving inter-Arab trade and Arab economies.
Saudi Arabia unveils plan to boost capital of Arab financial institutions