Moussa: Libya put $100 million into SMEs Arab Fund

Salma El-Wardani , Wednesday 19 Jan 2011

Kuwait and Saudi Arabia are still the biggest contributers to the fund

Libya has pumped $100 million into the Small and Medium-sized Enterprises (SMEs) Arab fund, increasing its flow from $1.3 billion into $1.4 billion, Secretary-General of the Arab League Amr Moussa said in today's Arab Economic Summit in Sharm El-Sheikh.

Libyan President Moammer Gaddafi will be absent from the summit, despite previous confirmation from sources inside the Arab League that he would be attending.

Saudi Arabia and Kuwait are so far the biggest contributors to the fund, with $500 million each.

The SMEs fund was initiated in 2009 by the Emir of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, and was set to create a $2 billion Arab fund to support small and medium enterprises (SEMs).

Egypt, the most populous Arab country, was criticised for its meagre contribution of $20 million.

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