Saudi Arabia, Kuwait, Iraq, the United Arab Emirates, Qatar, Oman, and Bahrain may set up a multimillion-dollar foundation to channel money to the United Nations Children's Fund (UNICEF) and other UN aid agencies. Prince Talal ibn Abdel-Aziz of Saudi Arabia, a special envoy for UNICEF and the moving force behind the new foundation, said he hoped finance ministers of the seven countries would finally approve the plan at talks in Kuwait later this month.
He said the seven governments would make all their future contributions to UN agencies through the new Arab Development Foundation.
Initial contributions to the foundation would total $120 million to $130 million. Prince Talal said the foundation would also collect donations from private companies and hoped to rai se $200 million this year.