The Gulf Cooperation Council (GCC) has pledged U.S. $400 million in aid to the victims of the earthquake in the Iranian city of Bam, Kuwaiti Finance Minister Mahmoud Abdel Khalek Al-Nouri announced last night following an extraordinary meeting in Riyadh of the GCC ministers of finance and economy, held in response to an initiative by Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah bin Abdulaziz.

The ministers reviewed the Crown Prince's initiative to assist the Iranian people, which Minister of Finance Dr. Ibrahim Al-Assaf said embodies the concern of the Saudi government to assist their Iranian brethren.

The funds are earmarked for reconstruction projects in the quake-devastated city of Bam. A GCC delegation will visit Iran soon to meet with officials there to study projects to be funded. In 1999, the GCC provided Turkey  with U.S. $400 million for the reconstruction of the areas destroyed by an earthquake which hit the country on August 17 that year

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