By NNN-KUNA
Cairo : The Arab Economic Unity Council has proposed establishing an Arab foundation for financing the private sector and ventures, the council secretary general said.
Ahmad Juweili, in remarks broadcast by the Middle East News Agency on Saturday, said the council had proposed establishment of the joint Arab authority to fund the private sector and follow up on the common economic Arab process, launched by the Arab League in 2005 with the establishment of common trade zone.
The council has also proposed revamping the Arab transport sector and regulating inter-Arab electronic transactions.
He affirmed that the council would present proposals to the Arab economic summit, due to be hosted by Kuwait in the end of 2008.
The council’s secretariat general has submitted a document to the ministerial, panel tasked with preparing for the summit, including topics that should be addressed at the top-level meeting — namely a program for supporting investments and joint investments in the Arab world.
The council includes Egypt, Sudan, Somalia, Mauritania, Palestine, Jordan, Syria, Yemen and Iraq. Overdue financial contributions in the authority by the member states, for the passing year, amount to USD four million.