$800 million.. Saudi Arabia allocated loans for develop countries in Africa and Asia
From 1975 until the end of 2022, the Fund provided a total of 330 loans to least developed countries to finance 308 development projects and programs with a total amount of $6.26 billion, from which 35 least developed countries benefited.
Shrouq
Saudi Arabia announced the allocation of $800 million in development loans through the Saudi Fund for Development to finance development projects for the least developed countries in Africa, Asia and other regions of the world.
Develop countries
The Saudi Minister of Economy, Faisal Al-Ibrahim, mentioned during the Kingdom's speech at the Fifth United Nations Conference on the Least Developed Countries, which is hosted by the Qatari capital, Doha "Despite the developmental and social progress achieved over the past fifty years, the basic challenges facing the least developed countries still remain".
He continued “In light of the crises left by the Covid-19 pandemic, which made a group of those countries deviate from the right track to achieve sustainable development”.
The Minister of Economy added, "His country is committed to working hard to support the least developed countries through its huge efforts in helping countries overcome their circumstances and challenges”.
Saudi fund for development
The Saudi Fund for Development directed most of its development activities in the continents of Africa and Asia, due to the low economic and developmental level of some of its countries, in addition to the high rates of population growth, unemployment and low levels of income in these countries.
$6.26 billion
In related context, the minister stressed the need to focus on finding a comprehensive and sustainable approach that enables the least developed countries to build their institutional capacities and develop effective governance that ensures optimal use of resources and generates more opportunities and capabilities to help them achieve the goals of sustainable development.
