Arab leaders gathered in the Red Sea resort town of Sharm al-Sheikh Wednesday (January 19th) amidst a backdrop of ongoing protests in Tunisia, wire services reported.
"Countries disintegrate, people conduct uprisings, and the Arab citizen asks: 'Can the current Arab regime meet these challenges dynamically?'" Kuwait’s Foreign Minister Mohammed Sabah Al-Salem Al-Sabah said during the gathering.
The meeting is expected to result in the creation of a $2 billion fund to finance small- and medium-sized businesses in the Arab world. Saudi Arabia and Kuwait pledged to contribute $500 million each. The fund is intended to boost economic development and create jobs.
A fund will be established to provide loans to young Arabs seeking to start a business.