16 August 2009
On Tuesday, the Cabinet approved a memorandum concerning Yemen's share in the $2 billion Kuwaiti Emir Development Initiative that was approved during the last Arab summit held in Doha, Qatar.
On Tuesday, the Cabinet approved a memorandum concerning Yemen's share in the $2 billion Kuwaiti Emir Development Initiative that was approved during the last Arab summit held in Doha, Qatar.
The initiative aims to provide a fund resources to finance the private sector's small and medium-sized enterprises.
The Deputy Premier for Defense and Security Affairs, Rashad al-Alimi, directed the Finance Minister to take the actions required to make the sum of $5 million, stipulated by President Saleh, available in the 2010 budget for the Arab Fund for Economic and Social Development (AFESD).
The AFESD will manage the initiative through standards still to be agreed upon by the contributing countries in order to guarantee its continuance and realize its desired goals.
By Observer Staff
© Yemen Observer 2009
