Arab economic, social council refers draft resolutions to ministers

Senior officials of the Arab League Economic and Social Council referred Thursday draft resolutions to the Ministerial meeting that would be held on Saturday to prepare for next week's Arab summit, a Kuwaiti official said. Sami Al-Saqabi, Finance Ministry Assistant Undersecretary for Economic Affairs, said the officials discussed means to follow up the resolutions of the previous Arab Economic, Development and Social summits, as well as examined a report about His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah's initiative to finance small and medium-size enterprises (SMEs). Speaking to KUNA following the meeting, Al-Saqabi said they have also discussed pledges by member countries to this intitiative, which have totlalled USD 1.308 He said the senior officials discussed reports about the global financial crisis, electricity linkage projects, railway networks and the food security. Sudanese President Omar Al-Bashir's Agriculture Investment initiative, the Arab Custom Union, water security, maritime network and a World Bank's initiative in the Arab world were also discussed by the senior officials, added the Kuwaiti official. Al-Saqabi said they conferred about investments in the Arab countries, establishing the Bahrain-based Arab Stock Exchange Holding, and Saudi King Abdullah bin Abdulaziz's initiative to back Arab financial institute. He added that the Economic and Social Council was assigned to prepare an executive program for the Grand Arab Investment Zone. Al-Saqabi also said the Arab League Secretariat was assigned to prepare a mechanism regarding the humanitarian and social assistance in the Arab countries.