VOL. XXXV

NO. 19

10-FEBRUARY-1992

Financial and Banking News

Financial Issues

Quwaiz Details Expected Contributions to New Gulf Fund

Saudi Arabia, Kuwait and the UAE have pledged $6.5bn towards a new Arabdevelopment fund, according to Mr. 'Abd Allah al-Quwaiz, the Associate SecretaryGeneral of the Gulf Cooperation Council (GCC). The Gulf states agreed in April1991 to create a new fund which would be capitalized at $5bn within three yearsand $10bn within ten years (MEES, 29 April 1991). Their...