A new Arab fund has been set up, with its headquarters in Kuwait, designed to protect investors against non-commercial risks such as nationalisation, ex-propriation and confiscation.
GV Ministers seated at table.
MV Jordanian ambassador signing.
MV Syrian Minister signing.
MV Kuwait Minister signing.
SV UAR Minister signing.
MV Sudanese ambassador signing.
GV & SV Ministers concluding signing (2 shots)
GV Ministers and ambassadors shake hands.
Initials VS/22.28 VS/22.44
Script is copyright Reuters Limited. All rights reserved
Background: A new Arab fund has been set up, with its headquarters in Kuwait, designed to protect investors against non-commercial risks such as nationalisation, ex-propriation and confiscation.
The new fund, to be known as the Arab Investment Security Corporation, was initiated by Kuwait itself. The main signatories of the initial agreement were Kuwait, Syria, Sudan, the United Arab Republic and Jordan. This is official film of the signing of the agreement.
The initial capital of the Corporation is ten million Kuwait dinars (GBP12.5 million Sterling, 29 million U.S. Dollars.)
SYNOPSIS: An agreement to protect investors against non-commercial risks was signed in Kuwait on Thursday by representatives of several Arab Governments.
The Jordanian ambassador signed on behalf of the Hashemite Kingdom. The Agreement, whose initial signatories were Jordan, Kuwait, Syria, Sudan and the United Arab Republic, aims at protecting investors against such non-commercial risks as nationalisation, ex-propriation, and confiscation.
Kuwait's Minister of Finance and Petroleum Abdul Rahman Salem Attiqi signed on behalf of the host country.
The agreement sets up a new Institution to be known as the Arab Investment Security Corporation. Other Arab countries may join in, especially those which helped to prepare the ground-work for the new scheme, and those which have voiced their approval of it.
The headquarters of the Corporation will be in Kuwait, and the initial capital will be ten million Kuwait dinars (GBP12.5 million Sterling, 29 million U.S. dollars). Half the money will be paid immediately, and the second half will be paid on demand and when necessary.
The Kuwait Government took the initiative in setting up the Corporation, which may play an important part in future inter-Arab financial co-operation.