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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 Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices firmed on Monday, although trading was thin due to the holiday season and as investors looked for cues on the US Federal Reserve's monetary policy trajectory for next year after it signaled gradual easing in its latest meeting.
Spot gold added 0.3% at $2,628.63 per ounce, as of 0941 GMT, trading in a narrow $16 range. US gold futures eased 0.1% to $2,643.10.
"(It's a) Quiet day with lower liquidity and limited data releases during the holiday season," said UBS analyst Giovanni Staunovo.
"We retain a constructive outlook for gold in 2025, targeting a move to $2,800/oz by mid-2025."
The Fed cut rates by 25 basis points on Dec. 18, although the central bank's predictions of fewer rate cuts in 2025 resulted in a decline in gold prices to their lowest level since Nov. 18 last week.
US consumer spending increased in November, supporting the Fed's hawkish stance, a sentiment that was also shared by San Francisco Fed President Mary Daly.
Higher interest rates dull non-yielding bullion's appeal.
"Presently, we are in a lull for Christmas week with the gold price trending sideways. Federal Reserve policy is clear with expectations of rising interest rates in the second half of the year," said Michael Langford, chief investment officer at Scorpion Minerals.
"The next big impact is the incoming presidency of (Donald) Trump and the initial presidential decrees that he might declare. This has the potential to add to market volatility and be bullish for gold prices."
Gold, often considered a safe-haven asset, typically performs well during economic uncertainties.
Spot silver rose 0.8% to $29.75 per ounce and platinum climbed 1.3% to $938.43. Palladium steadied at $920.53.