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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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Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices stabilized on Monday after losses last week as lower-than-expected US inflation data offset investors' concerns about a supply surplus next year.

Brent crude futures were down by 38 cents, or 0.52%, to $72.56 a barrel by 1300 GMT. US West Texas Intermediate crude futures were down 34 cents, or 0.49%, to $69.12 per barrel.

Oil prices rose in early trading after data on Friday that showed cooling US inflation helped alleviate investors' concerns after the Federal Reserve interest rate cut last week, IG markets analyst Tony Sycamore said, Reuters reported.

"I think the US Senate passing legislation to end the brief shutdown over the weekend has helped," he added.

But gains were reversed by a stronger US dollar, UBS analyst Giovanni Staunovo told Reuters.

"With the US dollar changing from weaker to stronger, oil prices have given up earlier gains," he said.

The dollar was hovering around two-year highs on Monday morning, after hitting that milestone on Friday.

Brent futures fell by around 2.1% last week, while WTI futures lost 2.6%, on concerns about global economic growth and oil demand after the US central bank signalled caution over further easing of monetary policy. Research from Asia's top refiner Sinopec pointing to China's oil consumption peaking in 2027 also weighed on prices.

Macquarie analysts projected a growing supply surplus for next year, which will hold Brent prices to an average of $70.50 a barrel, down from this year's average of $79.64, they said in a December report.

Concerns about European supply eased on reports the Druzhba pipeline, which sends Russian and Kazakh oil to Hungary, Slovakia, the Czech Republic and Germany, has restarted after halting on Thursday due to technical problems at a Russian pumping station.

US President-elect Donald Trump on Friday urged the European Union to increase US oil and gas imports or face tariffs on the bloc's exports.

Trump also threatened to reassert US control over the Panama Canal on Sunday, accusing Panama of charging excessive rates to use the Central American passage and drawing a sharp rebuke from Panamanian President Jose Raul Mulino.