Monitoring Desk
RIYADH: The Kingdom of Saudi Arabia (KSA) will allocate loans worth $800 million to finance projects in the world’s least developed nations, Arab media reported on Wednesday. The announcement was made by Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim during the 5th UN Conference on the Least Developed Countries in Doha, Qatar.
KSA vows to support least developed countries
The Saudi Minister of Economy and Planning said that despite the social progress and development made in the last 50 years, the main challenges facing the least developed nations have become more complex and urgent in the aftermath of the COVID-19.
He added that through vision 2023, the KSA has initiated numerous measures to achieve economic affluence, social well-being, and environmental safety as per the UN sustainable development agenda while supporting the least developed nations through its efforts.
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The minister said that the KSA had allocated $96 billion in humanitarian and development assistance to 167 nations in the last 30 years. He added that the KSA was dedicated to finding an inclusive and supportable strategy that enables the least developed nations to build their institutional abilities and develop real governance.
He further said that the KSA would spare no effort to work with international stake holders for the benefit of humanity, and looked forward to act towards the Doha Work Program, a deal signed this week that over the next 8 years will seek to build resilience to eradicate extreme poverty, future shocks, strengthen labor markets and enhance the world’s least developed nations.
