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Summit to Mull Finance Fund
DUBAI — Dr Ahmed Geweili, Secretary-General of the Arab Economic Unity Council, confirmed that the Arab Economic Summit to be held next week in Kuwait will discuss the establishment of an emergency fund to support Arab financial institutions affected by the financial crisis. He also added that the fund will be used only in case of necessity.
During an interview with CNBC Arabiya, Dr Ahmed Geweili said that Arab finance ministers and central bank governors will meet before the summit to determine the fund’s capital, its financing and the ways to use it.
According to Dr Ahmed, Arab private sector organizations will meet on 17 and 18 January to discuss Arab summit issues. They will present their conclusions from this meeting to Arab leaders. He also revealed that, due to concerns for the freedom of movement of Arab businessmen and investors, the summit will consider the introduction of an Arab investor card. The proposed identification card would allow its holders to move freely between Arab countries which issue the card.
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US President Biden made the announcement at the United Nations General Assembly in New York, and called on other countries to follow suit