The Arab fund for supporting small and medium-sized development projects has now received $1.25 billion in contributions out of the targeted $2 billion, the Arab League said here Monday. The fund was launched during the first Arab Economic and Social Development Summit held in Kuwait in January 2009. The $1.25 billion sum has been contributed by several Arab countries to the fund which was suggested by the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, Assistant Secretary General of the Arab League for Economic Affairs Mohammed Al-Tuwaijri said in news remarks. Regulations and bylaws are underway for governing the process of extending loans to small and medium-sized development projects. Several Arab countries, have presented 11 food projects to the fund for bankrolling, he added.
