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.