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Kuwaiti initiative to establish a technology investment fund
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Kuwait has announced an initiative to launch a $ 200 million fund to invest in technology and the digital economy, with the participation of the private sector, with Kuwait contributing $ 50 million.
The announcement was made by Foreign Minister Shaikh Sabah Al-Khalid Al-Hamad Al-Sabah during his attendance at the 4th Arab Summit on Economic, Social and Cultural Development held in Beirut.
Sheikh Sabah Al-Khalid said that the fund is an initiative of the Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, proposing that the fund be given responsibility to the Arab Fund for Economic and Social Development.
Sheikh Sabah Al-Khalid called on Arab MFIs to consider deductions from their annual net profit to support future needs and ensure the continuity of the Fund's work.
Kuwaiti Finance Minister Dr. Nayef Al-Hajraf said Kuwait's initiative to establish a fund for technology and the digital economy reflects his belief in the need to take care of Arab youth.
He called on Arab countries, Arab joint financial institutions and banks to deduct part of their profits to ensure the sustainability and sustainability of this fund in support of the information technology and digital economy sector in the Arab world.
The minister also revealed Qatar's announcement of its contribution to the new fund of $ 50 million, hoping that other Arab countries, banks and Arab financial institutions will participate in this fund.
At the first economic summit held in Kuwait in 2009, the Emir of Kuwait launched an initiative to establish a fund for small projects in the Arab world with a capital of $ 1 billion. Kuwait contributed $ 500 million, Saudi Arabia contributed a similar amount and the contributions of other countries went up to more than $ 1.3 billion.
The Fund, managed by the Arab Fund for Economic Development, financed more than 7,000 projects, providing some 437,000 jobs across the Arab world.
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