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Pan-Arab fund lends member states $246m in 2014

The report indicates that the fund stepped up its consultations with Arab countries whose economies have been affected by regional and international developments.

The Arab Monetary Fund lent member states new loans worth $246 million during 2014, according to the fund’s annual report.

The fund is a sub-organisation of the Arab League and facilitates monetary cooperation, trade and financial market development among member states.

The pan-Arab institution says that the value of the 170 loans it has offered from the time its lending service was launched, until the end of 2014, totalled approximately $7.6 billion, from which 14 member states benefitted.

According to the report, which was published by the Kuwait News Agency (KUNA), the fund dispatched 6 missions to a number of Arab countries to hold talks on lending requests and to follow-up on reform programs.

In 2014, the fund notes that it responded to lending requests from member states in a speedy manner and in accordance with available resources across multiple financing windows.

The report indicates that the fund stepped up its consultations with Arab countries whose economies have been affected by regional and international developments.

The fund notes that regional and international developments impacted the export capacity of several Arab countries and affected the inflow of direct foreign investments.