Arab leaders pledge to increase cooperation in Riyadh

Saudi Crown Prince Salman bin Abdulaziz says summit was 'successful' Saudi Crown Prince Salman bin Abdulaziz Al Saud officially closed the third Arab Summit of Economic and Social Development in Riyadh, with Arab leaders endorsing plans to increase cooperation .
In his concluding speech, Prince Salman thanked the Arabs leaders for coming together for the welfare of Arab people. He said the summit was a success and called for a quick implementation of proposals. "I hope that the summit resolutions are quickly and seriously implemented within their scheduled time, in order to achieve the desired objectives," he said.
Secretary-General of the Arab League Nabil el-Araby read the final statement of the Riyadh summit, which included the convening of Arab Youth Forum in Saudi Arabia within six months, and the development of regulations to activate Arab economic action.
Araby said that the fourth Arab summit will be held in Tunisia in 2015, with Lebanon chosen hosting the fifth meeting. He confirmed that leaders had agreed to implement the decisions taken at the two summits held previously in Kuwait and Sharm el-Sheikh.
Araby stressed the need to speed up the implementation of all agreements and decisions taken earlier, and to note the steps taken to support small and medium-sized enterprises, as well as developing joint Arab action to serve the Arab citizen.
He also said it is important to strengthen the capacity of joint work, and increase the capital of joint Arab companies to produce new projects.
He explained that the leaders encouraged two-way investment to find new job opportunities in the Arab countries.
Meanwhile, Saudi Finance Ministry said that it will increase the capital available to national financial institutions by $10 billion, for increased investment in cross-border development projects. Saudi officials added that this funding will also contribute to the development of the Arab private sector.
The ministry emphasised that development funds and joint Arab companies played an important role in supporting economic and social development efforts in Arab countries, providing employment, and producing goods and services for over three decades. They succeeded in doing this through financing development projects, investment, contributing to monetary stability, financing trade, providing security for investments and Arab exports, besides supporting agricultural schemes in the Arab world.
The ministry added that collective Arab funds amounted to $5.5 billion which included loans for development projects, support for the balance of payments, assurance services and export credit in 2011.
The total funds gathered since its inception were over $90 billion, from which member states benefited in financing development projects, trade financing and providing security for investments and exports.