The 37th annual Meetings of Arab Financial Institutions and Commissions began here today in the presence of finance ministers and central banks governors of Arab countries. Dr. Ibrahim Al-Assaf, Minister of Finance, headed the Saudi delegation to the two-day meetings. In a key address in his capacity as Chairman of this session, Dr. Al-Assaf stressed the keenness of Saudi Arabia to support the joint Arab work in all fields including Arab economic cooperation through its support of joint Arab action institutions. He said the total finances and facilities granted by Arab Financial institutions since their establishments and till the end of 2007 amounted to $32 billion including loans worth $2.026 billion in 2007 alone. He added that the Arab Bank for Economic Development has provided finances amounting to $180 million in the same period for a number of developmental projects in non-Arabic African countries. On the sidelines of the meetings, three grant arrangement memorandums from Kingdom of Saudi Arabia have been signed to finance development projects in the Republic of Yemen amounting to $225 million. As part of these agreements, $ 100 million were allotted to finance the Social Development Fund project, $ 75 million for the public works project and $ 50 million for rural roads.
