Saudi king proposes energy-for-poor initiatives

The world's largest oil exporter Saudi Arabia proposed yesterday creating a $1 billion OPEC fund and offered $500 million in Saudi soft loans to help poor countries cope with high oil prices.

Speaking at the opening of a meeting of world oil consumers and producers, King Abdullah also urged the creation of what he described as an international energy-for-the poor initiative and called on the World Bank to arrange a meeting to discuss it.

"I call for the launch of an energy-for-the-poor initiative, the purpose of which is to enable developing countries to face the rising cost of energy," he said.