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Saudi Arabia to Allocate $800 Million of Loans for Least Developed Countries

Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim during the fifth UN Conference on the Least Developed Countries in Doha - SPA
Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim during the fifth UN Conference on the Least Developed Countries in Doha - SPA
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Saudi Arabia to Allocate $800 Million of Loans for Least Developed Countries

Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim during the fifth UN Conference on the Least Developed Countries in Doha - SPA
Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim during the fifth UN Conference on the Least Developed Countries in Doha - SPA

Saudi Arabia will allocate $800 million through the Saudi Fund for Development (SFD) to finance development projects for Least Developed Countries (LDCs) in regions including Africa and Asia, Minister of Economy and Planning Faisal bin Fadhil Al Ibrahim announced during the Fifth United Nations Conference on the Least Developed Countries in Doha.

“Despite the developmental and social progress achieved over the past 50 years, fundamental challenges faced by Least Developed Countries remain and have become more complex and urgent — especially with the increased vulnerabilities faced by these countries,” Al Ibrahim said in his remarks.

“Through Saudi Vision 2030, the Kingdom has projects and initiatives that contribute to achieving economic prosperity, social well-being and environmental protection for all, in line with the Sustainable Development Agenda, he added.

"The Kingdom is also committed to supporting the least developed countries through helping them overcome challenges and working with the international community to push these countries towards progress and development.”

According to Al Ibrahim, Saudi Arabia had provided $96 billion in humanitarian and development aid to 167 countries in the last three decades.

Also, the SFD has provided 330 loans totaling $6.26 billion to LDCs from 1975 to 2022, financing 308 development projects and programs benefiting 35 countries.

Al Ibrahim noted that the Saudi Program for the Development and Reconstruction of Yemen (SPRDY), established by the Kingdom in 2018, has a strategy aimed at development plans in coordination with the Yemeni government and in line with the Sustainable Development Goals.

To date, the program has implemented 224 projects and initiatives worth $917 million, supporting the people of Yemen.

The Minister concluded by stating that the Kingdom will cooperate with international partners on initiatives to support the development and continue to play a leading role in all fields of development at regional and international levels to realize the 2030 Agenda for Sustainable Development.

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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.