Arab finance conference opens in Riyadh

An Arab finance conference, attended by Arab finance ministers and governors of central banks, started proceedings in Riyadh on Tuesday to discuss the performance of Arab financial organizations and institutions.

The conference will discuss the performance of economic and financial Arab organizations, financial and economic cooperation between Arab states in establishing the free-trade area, and the unified Arab customs union.

The conference will also discuss the problems hindering inter-Arab trade, the aid granted by Arab funds and financial institutions to member states, and means of enhancing cooperation and trade exchange among the Arab states.

The Prince of Riyadh Prince Salman bin Abdulaziz, who inaugurated the conference on behalf of crown prince and deputy prime minister Abdullah bin Abdelaziz, urged the Arab states to keep abreast with global economic developments and economic overture by adopting the proper policies.

The Arab fund for economic and social development (AFESD), the Arab monetary fund (AMF), the Arab organization for investments and agricultural development, and the Arab association for investment guarantee, are participating in the conference. These financial institutions have contributed some $ 15.4 billion to Arab development since their establishment.

The Moroccan delegation to the meeting is led by minister of economy, finance, privatization and tourism, Fathallah Oualalou.