The African Union (AU)'s Ambassador in Cairo Abdulhamid Bouzaher has lauded the Amir HH Shaikh Sabah Al-Ahmad Al-Jaber Al-Sabah's initiative of allocating $2 billion for funding development and enterprise in Africa -- announced nearly three years ago.

Ambassador Bouzaher highly admired the Amir's graceful initiative, launched at the third Arab-African summit, hosted by the State of Kuwait in November 2013, with aim of boosting businesses and development in the African continent, according to Kuwait News Agency (KUNA).

He was speaking on margins of a preparatory joint meeting to draft documents of the fourth Arab-African Summit, due in Equatorial Guinea in the coming November.

During the Kuwait summit, task groups were formed to follow up on cooperation projects for sustainable development. Moreover, an annual award, worth $1 million, was declared for scientific research; in the name of the late Kuwaiti philanthropist, Abdulrahman Al-Sumait.

Ambassador Bouzaher expressed hope the forthcoming Malabo summit would contribute to realizing fruitful cooperation between Arab and African countries, by means of setting up joint free trade zones, boosting mutual and business cooperation.

For his part, the head of the Arab League delegation, Ambassador Zaid Al-Sabban, said the two-day meeting focuses on drafting "the Malabo Declaration," due to be issued at end of the top-level conference -- envisaging outlooks for mutual cooperation, along with emphasis on implementing what had been agreed upon at the third summit.