Moroccan King Mohammad VI called on Arab financial institutions Tuesday to increase their funding for development projects in Arab countries.
King Mohammad VI, in a speech before a meeting of Arab Finance Ministers and central banks' governors but read on his behalf by Finance Minister Mohammad Busaeed, said the increase of development projects' funding would honor growing needs of Arab countries.
He said operations carried out by Arab financing institutions reached the African countries. The Moroccan King called for further strengthening of the South-South cooperation to boost Arab-African cooperation.
Kuwait's delegation is headed by Deputy Prime Minister and Minister of Finance Anas Al-Saleh. He is joined by officials from the central bank and Kuwait Fund for Arab Economic Development.
Abdulrahman Al-Humaidi, Director General and Board Chairman of the Arab Monetary Fund (AMF), said the Arab finance ministers' meeting would help develop economic and financial performance in Arab countries.
He said regional and international financial and economic turmoil, including decline of oil prices, have affected the Arab economies. AMF predicts that the deficit of the Arab countries' budgets exceeded 10 percent of the Gross Domestic Product (GDP) in 2016, he said.
Al-Humaidi called on Arab countries to diversify economies, carry out structural reforms and improve business environment to attract local and foreign investment.
Today's meeting in Rabat will touch upon implementation of a resolution of the Arab economic summit, which was held in Riyadh, Saudi Arabia, in 2013 regarding the increase of capitals of Arab financial institutions by 50 percent.