Arab League to hold 2nd economic summit

CAIRO, Aug. 21 (UPI) -- The second Arab economic development summit is to be held in Egypt in January, the Arab League said Saturday.

Hisham Yusif, head of the league's secretary-general's office, said there will be meetings of staff members and ministers before the Jan. 19 meeting to prepare for it, KUNA, the Kuwait news agency, reported.

The first summit was held almost two years ago in January 2009 in Kuwait. At that meeting, Sheik Sabah al-Ahmad al-Jaber al-Sabah, the emir of Kuwait, proposed the donation of $2 billion for development grants for small and middle-sized businesses, with Kuwait contributing $500 million.