Chairman of 3rd Afro-Arab Economic Summit calls for soft loans to African countries
The Amir of Kuwait and Chairman of the third Afro-Arab Economic Summit, Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah, has directed the managers of the Kuwait Fund for Economic Development to offer soft loans to African countries to the tune of one billion dollars in the next five years.
The country is also determined to co-operate and co-ordinate with World Bank and other financial institutions to quarantee one billion dollars of investments in infrastructure and value addition to raw materials in Africa during the coming years.
The Amir of Kuwait announced this in an address when he assumed the chairmanship of the summit.
He announced the setting up of Dr Abdulrahman Al-Sumait Fund, with an annual contribution of one million dollars for development research in Africa. The fund will be supervised by the Kuwait Foundation for Advancement of Sciences.
The Amir of Kuwait said there is the need to pool resources to make Africa the centre of economic attraction for investments. He said this cannot be achieved except through an investment-friendly environment that facilitates the flow of foreign investments to the continent.
The Chairperson of the AU Commission, Dr. Nkosazana Dlamini Zuma, said available data positions Africa as a new growth pole, where returns on investments in all sectors are higher in the world.
She said Africa is determined to enhance the successes attained in recent years in order to build a prosperous and peaceful Africa to take its rightful place in the comity of nations.
There were solidarity messages from the Arab League, British Prime Minister, David Cameron, the Non-Aligned Movement among others.