Sheikh Sabah al-Ahmad Al-Sabah (C) with Arab and African leaders in Kuwait Arab and African leaders ended a two-day summit in Kuwait Wednesday by calling for closer cooperation on the political and economic levels, as well as in the fight against terrorism. The leaders issued the Kuwait Declaration which called for accelerating economic integration in the Arab world, which includes oil-rich Gulf states and investment-thirsty African states.
They called for the creation of a joint "Africa-Arab Financing Mechanism" to fund programmes and projects, under a plan adopted at the second summit in Libya three years ago.
But there was no mention of any moves for an Africa-Arab common market, as recommended by businessmen.
The Kuwait Declaration strongly condemned terrorism.
It urged member states to "enhance cooperation and coordination... to combat terrorism in all its forms," and to criminalise the payment of ransoms to terrorists.
On the opening day of the summit, Kuwait's Emir Sheikh Sabah al-Ahmad Al-Sabah pledged $1 billion (740 million euros) in low-interest loans and the same amount in investments to African states in cooperation with the World Bank.
Thirty-four heads of state, seven vice presidents and three heads of government attended the gathering, which brought together 71 countries and organisations.
The meeting was the first of its kind since 2010, when leaders met in Libya prior to the Arab Spring uprisings that toppled longterm dictatorships in the region.
Africa has huge resources of raw materials, agriculture and energy but lacks investments.
According to the World Bank, the continent needs about $30 billion a year just to develop its energy sector.
The International Monetary Fund says African economic growth was a solid 5.0 percent in 2012 despite the global economic crisis. Growth is forecast to ease slightly to 4.8 percent this year and rebound to 5.1 percent in 2014.
Africa has 12 percent of global oil reserves and 42 percent of its gold deposits. The discovery of large quantities of natural gas off its east coast has added to the continent's economic potential.
On the other hand, states of the energy-rich Gulf Cooperation Council have accumulated surpluses of $2.0 trillion thanks to persistently high oil prices. A majority of the assets are invested in the United States and Europe.
Source: AFP