(MENAFN - Kuwait News Agency (KUNA)) Kuwait's chief delegate to the Ninth Forum for the Future Ambassador Jassem Al-Mubaraki highlighted the need for closer cooperation between the Kuwait-based Arab Fund for Economic and Social Development (AFESD) and the World Bank in financing development in the Arab region in the wake of the Arab Spring events.
AFESD is mandated to supervise the implementation of the initiative raised by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah during the First Arab Economic, Social and Development Summit in Kuwaiti in January, 2009, Al-Mubaraki told KUNA here on Thursday.
Ambassador Al-Mubaraki leads Kuwait delegation to the gathering on behalf of Deputy Prime Minister and Minister of Foreign Affairs Sheikh Sabah Al-Khalid Al-Hamad Al-Sabah.
He made the remarks at the conclusion of the forum held here in Cap Kamart neighborhood, north Tunis, between December 11 and 13, to debate the outlook of the Middle East and North Africa (MENA) economies.
"Cooperation between the Fund and the World Bank is the key for realizing the goals of the G-8 Action on the Deauville Partnership with Arab Countries in Transition," he said.
He noted that explained to the Forum's ministerial closed-door meeting HH the Amir's initiative for launching a fund, involving USD two billion, for financing small and medium enterprises (SMEs) in the Arab region with Kuwaiti contribution amounting to USD 500 million.
"The funds are deposited at the account of AFESD which supervised the efforts of the Arab countries to support their respective private sectors and SMEs," he went on.
Ambassador Al-Mubaraki added that the Deauville Partnership serves as an umbrella agency for financing development of SMEs that involves the G-8 and the six Arab countries in transition, namely Egypt, Jordan, Libya, Morocco, Tunisia and Yemen, as well as four GCC members namely, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates (UAE).