Gulf countries set up $5b fund for Jordan, Morocco

Tuesday, 20 Dec 2011
RIYADH, Saudi Arabia - Gulf Arab countries say they have created a $5 billion development fund to support projects in Jordan and Morocco.
Abdullatif bin Rashid al-Zayani, the general secretary of the Gulf Cooperation Council, says the $5 billion will be divided equally between the two countries. The GCC wrapped up a summit meeting in Riyadh on Tuesday.
In May, al-Zayani said the six-member GCC accepted the two countries' request to join, but some procedures had to be completed before final approval. Unlike the other GCC members, Jordan and Morocco are not oil exporters.
Saudi Foreign Minister Saud al-Faisal said the GCC will also help Yemen during its transitional period. Yemen's president has agreed to transfer power by Friday.