KSA Participates in GCC-US Trade Cooperation, SelectUSA Investment Summit

KSA Participates in GCC-US Trade Cooperation and SelectUSA Investment Summit. (SPA)
KSA Participates in GCC-US Trade Cooperation and SelectUSA Investment Summit. (SPA)
TT

KSA Participates in GCC-US Trade Cooperation, SelectUSA Investment Summit

KSA Participates in GCC-US Trade Cooperation and SelectUSA Investment Summit. (SPA)
KSA Participates in GCC-US Trade Cooperation and SelectUSA Investment Summit. (SPA)

A Saudi delegation led by General Authority of Foreign Trade (GAFT) Deputy Governor for International Relations Abdulaziz bin Omar Al-Sakran, participated on Wednesday in the fifth annual GCC-US Trade and Investment Dialogue in Washington, DC, as well as the US Investment Summit (SelectUSA), the Saudi Press agency said.
The Saudi delegation comprises 22 entities from the public and private sectors.
The GCC-US Trade and Investment Dialogue serves as a platform to exchange experiences and viewpoints between officials and experts, discuss trade and investment policies in the Gulf Cooperation Council (GCC) countries and the United States, address obstacles and challenges, and identify common goals that can enhance trade cooperation between both sides.
It mainly focuses on trade and investment flows of goods and services, digital trade, consumer protection, and combating commercial fraud.
The SelectUSA Investment Summit aims to boost economic growth by facilitating connections between foreign capital and US companies, strengthening the US investment landscape, highlighting industry trends and emerging opportunities across various sectors, and connecting investors with opportunities within US companies.



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.