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Saudi FSC Chief: Private Sector Keen to Utilize Available Opportunities to Boost Trade with Cuba

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi FSC Chief: Private Sector Keen to Utilize Available Opportunities to Boost Trade with Cuba

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

President of the Federation of Saudi Chambers (FSC) Hassan bin Mujib Al-Huwaizi said the private sector looks forward to boosting trade between the Kingdom of Saudi Arabia and the Republic of Cuba in light of the available opportunities, SPA said on Saturday.
Huwaizi expressed optimism about a promising future for trade and investment between the two countries as he met in Riyadh on Friday with Cuban Vice Prime Minister and Minister for Foreign Trade and Foreign Investment Ricardo Cabrisas.
Cabrisas is on a visit to the Kingdom heading a delegation of government officials.
Huwaizi underscored the Saudi-Cuban determination to upgrade economic relations between the two countries, highlighting the important role of the Saudi and Cuban business sectors in advancing the path of economic cooperation.
Cabrisas noted the great incentives and protection that the Cuban investment act provides for foreign investors.
He added that discussions are underway with Saudi officials about banking cooperation and agreements to enhance investment between the two countries.
Trade exchange between the Kingdom and Cuba hit US$97 million in 2022, up by 190 percent from 2021.

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World Bank Redirects Funds Towards Lebanon Emergency Aid

Flames rise from Israeli airstrikes in Dahiyeh, Beirut, Lebanon, Friday, Oct. 4, 2024. (AP Photo/Hussein Malla)
Flames rise from Israeli airstrikes in Dahiyeh, Beirut, Lebanon, Friday, Oct. 4, 2024. (AP Photo/Hussein Malla)
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World Bank Redirects Funds Towards Lebanon Emergency Aid

Flames rise from Israeli airstrikes in Dahiyeh, Beirut, Lebanon, Friday, Oct. 4, 2024. (AP Photo/Hussein Malla)
Flames rise from Israeli airstrikes in Dahiyeh, Beirut, Lebanon, Friday, Oct. 4, 2024. (AP Photo/Hussein Malla)

The World Bank announced on Thursday that it was redirecting funds originally earmarked for development programs in Lebanon towards emergency aid for people displaced by Israeli bombardment of the country.

"The World Bank is activating emergency response plans to be able to repurpose resources in the portfolio to respond to the urgent needs of people in Lebanon," said a statement from the US-based multilateral institution.

The multilateral institution currently has $1.5 billion in funding for programs in Lebanon. Part of this amount will be redirected.

Since September 23, more than 1,000 people have been killed in an Israeli air-and-ground campaign on Lebanon that has targeted armed group Hezbollah in the south and east of the country, with strikes expanding to include the capital Beirut.

Thousands have been displaced since the bombing began, and the funds would be used to provide aid to those populations, the World Bank said.

"This would include emergency support to displaced people that could be deployed through a digital platform the World Bank helped put in place during the Covid epidemic," the statement said.