His Highness Amir Sheikh Sabah Al-Ahmad, Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khalid, announced yesterday a high-level initiative of His Highness Amir to establish a fund to invest in the sectors of technology and the digital economy through the participation of the private sector.
At the fourth Arab economic, social and development summit in Beirut, al-Khalid stated that the Fund's capital is $ 200 million, of which Kuwait contributes $ 50 million. He also proposed that the fund be administered to the Arab Fund for Economic and Social Development.
He called on Arab common financial institutions to consider deductions from their annual net profits to support future needs and ensure the continuity of the Fund's work.
What follows is the text of the address of the representative of His Highness: "I wish to inform you of the greetings of His Highness Sheikh Sabah Al-Ahmad, who prevented urgent commitments without His Highness's attendance at this meeting. I would like to communicate to you His Highness's wishes. for the success of our meetings He expressed his sincere gratitude and gratitude to the leadership, the government and the people of Lebanon, for the hospitality, the good and the benefit we received and to wish dear Lebanon more security, stability and prosperity ".
I thank the Secretary General of the League of Arab States, the Secretariat and all those who contributed to the preparation and preparation of this summit and to the brothers in 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 risks we face and the decline in our common work and our ongoing efforts to tackle it, but today we wanted to prioritize economic cooperation and development at the top of our concerns so that we can progress for our peoples and become a matter 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 milestones on which we can build and we will begin to realize greater profits and support for our common work in its fields of development, economic and social" .
The representative of HH the Amir added: "We meet in the fourth session of our economic, social and development group after starting this approach in consultation and coordination with our brothers in Egypt in 2008. We have ideas and visions for these summits and to convene the first economic summit in Kuwait in 2009, On the initiative to create a fund for small projects at the level of the Arab world with a capital of two billion dollars, my country contributed with 500 million dollars, and Saudi Arabia contributed five hundred million dollars to follow the contributions of the brothers and to achieve the promised contributions of three billion three hundred and ten million dollars The Fund has financed more than 7,000 projects, providing 437,000 jobs in the Arab world , and we affirm that His Highness's initiative was based on the belief that we had to face young people as our most precious asset. Arab, and the third summit in Saudi Arabia to increase the focus and sharpness of our common Arab work in its economic dimensions through its institutions working with its support and promotion through a pioneering initiative to increase capital by at least 50% and increase the capital of common Arab societies, 50%.
"For decades, we have continued our meetings at all levels, during which we are discussing many of our fatal issues, but at the same time we have been far from touching the concerns and concerns of the people of our Arab nation, which invites us today in the light of the decline in rates of sustainable development and difficult economic conditions Including a number of Arab countries to put these concerns and concerns at the forefront of our efforts and strive to meet the hopes and aspirations of our Arab peoples by focusing on the economic fundamentals that they contribute to the change and improvement of situations that have caused instability and instability for a number of our Arab societies and a direct threat to their safety ".
"We are called to activate our joint projects and to support the programs adopted in our previous sessions in the sectors of the Arab common market, the Arab electricity connection, the food and water security programs, the updating of the requirements of the Union. Arab customs and employment support programs, reducing unemployment and reducing poverty in the Arab countries, The development of education and the improvement of the level of health care I note with interest the pioneering and constructive role played from the private sector to participate in driving the vehicle of growth in the Arab world with its resources and technical, material and human abilities.For a wide range of creative ideas that lead us to respond and to reach the legitimate interests of the children of our Arab nation , without which our efforts will remain useless and our ambitions below the level of investigation ".
"From the common conviction and from the full awareness of the importance and the inevitability to follow and face the rapid technological developments in our modern world and to pursue a more prosperous and prosperous future for the children of our Arab nation, I am honored to be here at the Beirut Summit, HH Sheikh Sabah Al-Ahmad Al-Sabah, to set up a fund to invest in the fields of technology and digital economy with a capital of $ 200 million through private sector participation, where my country will contribute 50 million dollars to the capital of this fund, which is equivalent to a quarter of its size.The Arab Fund for Economic and Social Development is responsible for managing this development initiative. generous support for this initiative to help strengthen the common Arab economy and create promising job opportunities for our young Arabs ".
His Highness Amir added: "We also hope that joint Arab banks and funding institutions will consider the possibility of deducting their annual net profits to support future needs and ensure the continuity of this fund."