DHAKA: Kuwait’s emir Sheikh Sabah al-Ahmad Al-Sabah opened the third Africa-Arab summit Tuesday by pledging US$2 billion in low-interest loans and investments to African states.

Arab and African leaders gathered for the two-day summit in Kuwait City to review steps to promote economic ties between the Arab world, which includes wealthy Gulf states, and investment-thirsty Africa.

‘I ordered officials of the Kuwait Fund for Arab Economic Development to provide soft loans worth $1 billion to Africa over the next five years,’ Sheikh Sabah announced, reports The Straits Times.

Sheikh Sabah also said Kuwait, in cooperation with the World Bank and other international institutions has decided ‘to provide investments and investment guarantees worth $1 billion’ over the next years and this will focus on infrastructure projects.

BDST: 2206 HRS, NOV 19, 2013
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