His Highness, Amir Sheikh Sabah Al-Ahmad, Deputy Prime Minister and Foreign Minister, Sheikh Sabah Al-Khalid, announced yesterday a high level initiative by His Highness the Amir to establish a fund to invest in the fields of technology and digital economy through the participation of the private sector.
At the Fourth Arab Summit for Economic, Social and Development Development in Beirut, al-Khalid said the capital of the Fund is $ 200 million, of which Kuwait is $ 50 million. He also proposed that the fund be administered to the Arab Fund for Economic and Social Development.
It asks the Arab joint financial institutions to consider the deductions of their annual net benefits to support future needs and ensure continuity of the work of the Fund.
The following is the text of the speech by the representative of His Highness: "I would like to convey the greetings from His Highness Sheikh Sabah Al-Ahmad, who prevented urgent commitments without the participation of his Highness in this meeting. I would like to convey the wishes of His Highness for the success of our meetings. He has expressed our sincere gratitude and gratitude to the leadership, the government and the people of Lebanon, for the hospitality, the good and the benefit that We have received, and wish to Lebanon's beloved more security, stability and prosperity. "
I thank the Secretary General of the League of Arab States, the Secretary and all those who have contributed to the preparation and preparation of this summit and the brothers of Saudi Arabia for their constructive and constructive efforts during their presidency of the previous session ".
He added: "We are all aware of the magnitude of the challenges and the risks we are facing and the diminution of our joint work and our continuous efforts to face this, but today we wanted to make the priority of development and Economic cooperation are at the forefront of our concerns so that we can move towards our peoples and become a question of future and destiny. For the children of our nation. "
Therefore, he said: "Through the previous cycles of our economic, social and economic development, we have achieved many achievements that can be built and we will begin to obtain more benefits and support for our joint work in their fields of development, economic and social ".
HH Amir representative added: "We met at the fourth session of our economic, social and development team after starting this approach in consultation and coordination with our brothers in Egypt in 2008. We have ideas and visions for these summits and convened the first economic summit in Kuwait in 2009,, On the initiative of setting up a small project fund for the Arab world with a capital of two billion dollars, my country contributed $ 500 million and Saudi Arabia contributed $ 500 million to keep track of the contributions of the brothers and reach the contributions incurred for three billion and three hundred and ten million dollars. The Fund has Funded more than 7,000 projects, which provide 437,000 jobs in the Arab world, and affirm that the initiative of his Highness was based on the conviction that we should approach youth as our most valuable asset. In the Arab nation with the third summit in Saudi Arabia to increase the attention and desire of our joint Arab work in its economic dimensions through its institutions that work with their support and promotion through the # 39 ; a pioneering initiative to increase capital by at least 50% and increase capital of joint Arab companies, 50%.
"For decades, we have continued our meetings at all levels, during which we are discussing many of our fateful issues, but at the same time we were far from touching the concerns and concerns of the people of our Arab nation, who are now inviting us the light of the decline in rates of sustainable development and economic difficulties Including several Arab countries to put those worries and concerns at the forefront of our efforts and strive to meet the hopes and aspirations of our Arab peoples focusing on the foundations economic factors that contribute to the change and the improvement of situations that caused instability and instability for a series of Our Arab societies and a direct threat to their security. "
"We are called to activate our joint projects and support the programs approved in our previous sessions in the areas of the Arab Common Market, Arab electricity connection, food and water security programs, Upgrading the requirements of the Arab Customs Union and work support programs, reducing unemployment and reducing poverty in Arab countries, developing education and improving the level of # 39 Healthcare I note with interest the pioneering and constructive role played by the private sector in participating in driving the growth vehicle in the Arab world with its technical, material and human resources and capabilities. For a wide range of # 39 ; creative ideas that lead us to respond and achieve the legitimate interests of the children of our Arab nation, without which our efforts will continue to be useless and our ambition below the level of investing gation ».
"From the conviction and the full conscience of the importance and inevitability of continuing and dealing with the rapid technological advances of our modern world and of achieving a more hopeful and prosperous future for the children of our Arab nation, I am pleased to be here at the Beirut Summit, HH Sheikh Sabah Al-Ahmad Al-Sabah, to establish a fund to invest in the fields of technology and digital economy with a capital of $ 200 million through the The participation of the private sector, where my country will contribute $ 50 million of the capital of this fund, which is equivalent to a quarter of its size. The Arab Fund for Economic and Social Development is in charge of managing This development initiative. We hope that your generous support for this initiative will help strengthen the common Arab economy and create promising job opportunities for our Arab youth. "
His honor, Amir, added: "We also hope that banks and joint Arab funding institutions consider reducing their annual net benefits to support future needs and guarantee the continuity of this fund ".