Minister of Foreign Affairs Prince Saud Al-Faisal (C) addresses a joint press conference with Minister of Finance Ibrahim Al-Assaf (R) and Arab League Secretary-General Nabil Al-Arabi at the conclusion of the 3rd Arab Economic and Social Development Summit in Riyadh, Tuesday. — SPA Saudi Gazette report
RIYADH – Minister of Foreign Affairs Prince Saud Al-Faisal said here Tuesday that the initiative of Custodian of the Two Holy Mosques King Abdullah to increase the capital of Arab financial institutions and joint Arab companies by at least 50 percent will provide more than $10 billion additional fund to financial institutions and joint Arab companies to enhance their roles in financing vital projects. Addressing a joint press conference with Minister of Finance Ibrahim Al-Assaf and Arab League Secretary-General Nabil Al-Arabi at the conclusion of the two-day 3rd Arab Economic and Social Development Summit, Prince Saud said that the King's initiative will also strengthen the partnership between public and private sectors with the commitment of the Kingdom to pay its share of the increase that will be agreed upon. King Abdullah unveiled the initiative Monday at the summit of Arab leaders to raise the capital of Arab financial institutions by at least 50 percent. The King also called for increasing the capital of joint Arab companies by 50 percent. Regarding the Syrian crisis, Prince Saud said the scale of violence used by the government meant a negotiated settlement was unthinkable. “Damascus... which has been a city for the longest period of time, is carpet bombed. How can you conceive of the possibility of a negotiated settlement with somebody who does that to his own country, to his own history, to his own people? It is inconceivable to us,” he said.
