According to a statement from the ministry of economy and planning, Saudi Arabia would spend $800 million through the Saudi Fund for Development to finance development projects for the Least Developed Countries in regions including Africa and Asia.
Details about Saudi Arabia will lend the least developed nations $800 million
The Kingdom of Saudi Arabia will allocate USD800 million through the Saudi Fund for Development (SFD) to finance development projects for Least Developed Countries (LDCs) in regions like Africa and Asia, the country’s Minister of Economy and Planning, Faisal bin Fadhil Alibrahim, announced during the Fifth United Nations Conference on the Least Developed Countries in Doha.
Despite the social and developmental advancements made over the previous fifty years, the minister stated that fundamental problems still confront Least Developed Countries and that they have grown more urgent and complex. This is especially true given the increased vulnerabilities these nations now face. He explained that the COVID-19 pandemic caused crises that caused the Least Developed Countries to stray from the path of sustainable development.
In accordance with the Sustainable Development Agenda, he continued: “With Saudi Vision 2030, the Kingdom has projects and initiatives that support achieving economic success, social well-being, and environmental protection for everybody. The Kingdom is also devoted to assisting the least developed nations in overcoming obstacles and advancing internationally as a force for progress and development in these nations.
With a total investment of USD 6.2 billion, the King Salman Humanitarian Assistance and Relief Center (KSrelief) has funded 2,314 projects in the areas of water supply, sanitation, health, and food security for 90 nations. From 1975 to 2022, the SFD gave 330 loans to LDCs totaling USD6.26 billion, funding 308 programmes and initiatives for development that benefited 35 nations.