GCC states vow joint stand on security ‘Libyan regime illegitimate' RIYADH: Gulf Arab foreign ministers pledged $20 billion in financial aid Thursday to Bahrain and Oman, and warned against any foreign interference as the region struggles to rein in the unrest that has ravaged the Arab world and sent global oil prices spiking. The Gulf Cooperation Council (GCC) pledged $20 billion in aid over 10 years to be split between the two nations, said the United Arab Emirates' Foreign Minister Sheikh Abdullah Bin Zayed Al-Nahayan. Unlike the remaining four GCC countries which are rich in oil and gas and have around $1.35 trillion in assets, Bahrain and Oman have little oil and are the poorest of the GCC states. However, Sheikh Abdullah did not say how the fund assets will be collected from the GCC states, adding that a team of GCC experts will meet shortly to determine the development projects to be financed by the fund. “This is a very important message sent to markets inside the region, and globally, that the GCC countries will be unified and will stick together to support those in need,” said John Sfakianakis, chief economist with the Riyadh, Saudi Arabia-based Banque Saudi Fransi. “They have the commitment and the willingness to do so, and of course, the money.” Foreign ministers from the GCC announced the measures after a meeting here in Riyadh. The bloc also issued a statement warning that it would not allow any foreign interference in their affairs. The six Gulf states also vowed to deal “decisively” with threats to any member's security. “The GCC believes that any threat to the security of any member state harms the security of all states and will be dealt with decisively and immediately, without hesitation,” they said in a statement read out at the end of a meeting in Riyadh. “The GCC states and peoples totally reject any attempts for foreign interference in its affairs and declare they will firmly curb those trying to foment sectarian rift,” said the statement issued after the foreign ministers' one-day meeting. The meeting stressed that the Libyan regime of Muammar Gaddafi is illegitimate and that contacts should be initiated with the rebels. “The (GCC) foreign ministers council stresses that the existing Libyan regime is illegitimate and calls for the need to initiate contacts with the interim national council,” the statement said. The six-nation alliance urged Arab League foreign ministers, who are due to meet in Cairo Saturday, “to shoulder their responsibilities in taking necessary measures to stop the bloodshed”. The Council also reviewed a report on the GCC international economic relations with friendly countries and groups. The ministers welcomed a US proposal to conclude a Framework Agreement for economic cooperation with the GCC member states and instructed the Secretariat General to complete the subsequent procedure. In the field of terror combat, the GCC reiterated its firm position on rejection of violence and terror-related extremism and expressed support for all regional and international efforts calling for terror combat. The meeting blessed Qatar's hosting of the headquarters of the GCC Criminal Information Center for Drug Combat. On relations with Iran, the GCC foreign ministers reaffirmed the importance of remaining committed to the basic pillars for establishing good neighborhood relations, mutual respect, non-interference in internal affairs, solving differences through peaceful ways and non-use of force or threatening with it. The ministers also reaffirmed their call for the establishment of a viable independent Palestinian state. They called on the Palestinian factions to work for unified stances. The Council praised the performance of Abdulrahman Bin Hamad Al-Attiyah as Secretary General of the GCC over the past nine years, wishing him all the best and welcomed the Secretary General- designate of the GCC Dr. Abdullatif Bin Rashid Al-Zayani, wishing him success. The Council appointed Hamad Bin Rashed Al-Marri as Assistant Secretary General of the GCC for Legal Affairs for three years, effective April 1, 2011 and Khalid Bin Salem Al-Ghassan as Assistant Secretary General for Cultural and Informational Affairs for three years, effective April 1, 2011, wishing them success.
