June 25, 2024

Saudi to allocate $800 mln in loans to least developed countries


Saudi Arabia has earmarked $800 million for development projects across Africa and Asia, Economy Minister Faisal Alibrahim said on Wednesday.

The announcement came during the United Nations Conference on the Least Developed Countries in the Qatari capital of Doha, the Saudi Press Agency (SPA) reported.

“Despite the developmental and social progress achieved over the past fifty years, fundamental challenges faced by Least Developed Countries remain and have become more complex and urgent,” he said.

The conference, which is running from March 5 – 9 in Qatar, looks to find long-term and sustainable solutions to support economies in underdeveloped countries.

The minister did not specify the exact projects the money would be spent on.

During his speech, the economy minister said that the Kingdom would continue to work with “international partners” to realize the 2030 Agenda for Sustainable Development. These are a set of 17 objectives set by the UN to improve health and education, reduce inequality, spur economic growth, and reduce the effects of climate change in developing countries.

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