Arab League (AL) Secretary General Amr Moussa Saturday said that the AL is ready to cooperate with European nations on a new initiative on holding a Mideast peace conference to end the Israeli-Palestinian conflict, Egypt's official news agency MENA reported.

Spanish Prime Minister Jose Luis Rodriguez Zapatero announced earlier on Thursday a French-Spanish-Italian initiative which calls for an international peace conference, an immediate cessation of violence and an exchange of prisoners between Israeli and Palestinian sides.

Moussa said in a press statement that the Spanish-French- Italian initiative, which is aiming to stop further deterioration in the Mideast, is gaining a wide-range European support.

He disclosed that a European meeting will be held next week to crystallize the European proposal.

The AL chief also expressed his organization's readiness to cooperate with the European nations on the initiative and all other proposals aiming to establish a genuine Mideast peace process.

He also hailed a Kuwaiti initiative to offer 30 million U.S. dollars in aid to the Palestinians, saying that other Arab countries would offer more funds to the Palestinians soon.

Moussa said the pan-Arab body is determined to offer financial support to the Palestinians and reject the policy of starving the Palestinians.

As Hamas rejects three international conditions of recognizing Israel, renouncing violence and honoring previous agreements signed with Israel, the Hamas-led Palestinian government has faced political and economic sanctions since it took office in March.

The conditions were set by the Quarter Committee -- comprising Russia, the United States, the European Union and the United Nations -- which has been a major mediator in the Palestinian- Israeli conflict.

Source: Xinhua