Minister of Foreign Affairs Prince Saud Al-Faisal said 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 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.
The Saudi Gazette