By NNN-KUNA,
Jeddah : Saudi King Abdullah bin Abdulaziz has launched an initiative to set up a USD 1 billion energy fund to help developing countries obtain energy and set up development projects.
The initiative was announced in his keynote speech during the Jeddah Energy Meeting here Sunday.
The meeting is being attended by representatives of 36 oil producing and consuming countries, seven international organisations, and a number of big oil companies at the world level.
He called on the World Bank to organise a meeting at an early date for donors and regional and international institutions to mull over his initiative.
He also asked the Ministerial Council of the OPEC Fund for International Development to look into a parallel programme in this respect.
The Saudi king also unveiled a Saudi concessionary loan worth USD 500 million to help poor nations curb soaring energy prices.
Addressing the meeting, he voiced Saudi willingness to boost oil output in a bid to fulfil growing oil demand and to provide necessary oil supplies in the future.
He attributed the current high oil prices to speculations, mounting consumption in rising economies and high taxes in several consuming nations.