Qatar to initiate development fund at G77+China summit

Qatar will propose creation of a development fund at the second summit of the Group of 77 (G77) and China on June 15-16 in the Qatari capital Doha, the Qatar News Agency (QNA) reported on June 14.

A Qatari diplomatic source was quoted by QNA as saying that the Qatari Amir Sheikh Hamad bin Khalifa Al-Thani will propose the creation of a special fund to back development projects in the developing countries.

Sheikh Hamad will announce that Qatar's contribution to the Fund would amount to 20 million US dollars, added the source.

The heads of state and government or their representatives from the 134 developing countries of G77 will discuss the initiative.

During the two-day summit, G77 members will also discuss the practical steps of south-south cooperation, the combat against poverty and the role of United Nations in development.

The first G77 plus China summit was held in the Cuban capital Havana last year.

G77, founded in 1964, is aimed at boosting economic cooperation and industrialization among developing countries and pushing for new international economic order.

Source: Xinhua