RIYADH: Saudi Arabia is to allocate loans worth $800 million to finance projects in the world's least developed countries.
The announcement was made by Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim during the fifth UN Conference on the Least Developed Countries, which is being hosted in Doha from March 5 to 9.
“Despite the developmental and social progress made over the past 50 years, the fundamental challenges facing the least developed countries have become more complex and urgent, especially in light of their increasing vulnerability in the wake of the COVID-19 pandemic,” Al-Ibrahim was quoted by the Saudi Press Agency as saying.
“Through Vision 2030, the Kingdom has launched numerous initiatives to achieve economic prosperity, social well-being, and environmental protection in line with the UN sustainable development agenda while supporting the least developed countries through its efforts.”
He said that Saudi Arabia had provided $96 billion in humanitarian and development aid to 167 countries in the last three decades.
The minister said the Kingdom was committed to finding a comprehensive and sustainable strategy that enables the least developed countries to build their institutional capacities and develop effective governance.
He added that Saudi Arabia would spare no effort to work with international partners for the benefit of humanity, and looked forward to action towards the Doha Work Program, an agreement made this week that over the next eight years will seek to build resilience to future shocks, eradicate extreme poverty, strengthen labor markets and improve the world’s least developed countries.
