Arab funds' aid estimated at $1.62 billion in 1997

United Arab Emirates Minister of State for Finance and Industry Muhammad Kharbash told al-Bayan daily that the Arab League's finance funds have offered US $1.62 billion in aid to development projects in the Arab states in 1997, adding that this figure represents an increase in the total volume of financial aid offered by specialized Arab funds since their foundation 25 years ago to US $15.12 billion.

The main beneficiaries of 1997's aid were Egypt, Jordan, Yemen, Algeria, Morocco, Mauritania, Lebanon and Syria and Palestine. He added that the A.L. funds which offered these aids and will convene their annual meeting in Beirut tomorrow are: The Arab Ministry Fund in Abu Dhabi; the Arab Establishment for Investment Guarantees and the Arab Fund for Economic and Social Developments, with Kuwait as their headquarters; the Arab Bank for Economic Development in Africa; and the Arab Commission for Agricultural Development and Investment in Khartoum.