Lebanese Minister of Economy and Trade Alain Hakim affirmed Friday the importance of initiative of His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for establishing a special fund to support the small and medium-sized enterprises (SMEs) in the Arab world.
“This initiative is critical to energize the economy in general and revitalize the SMEs which constitute an important segment of the economic activity,” the minister said.
He made the comments after meeting a delegation from the Arab Fund for Economic and Social Development (AFESD) in charge of financing the AFESD-sponsored SMEs.
The minister also called for minimizing the mechanisms needed to implement the initiative due to current circumstances, noting that the selected banks to support the initiative are deeply rooted and experience banks in the financial and banking sectors.
AFESD delegation briefed the Lebanese minister and business leaders on AFESD projects, particularly the funding for SMEs.
His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah launched the initiative for establishing the SMEs fund during the Arab Economic Summit hosted by Kuwait in 2009.
Source : KUNA Kuwait News agency
