SAUDI ARABIA PLEDGES $800 MILLION FOR DEVELOPMENT PROJECTS IN AFRICA, ASIA

Economy Minister Faisal bin Fadhil speaks during the United Nations Conference on the Least Developed Countries in the Qatari capital of Doha.

Thu 09 March 2023:

Saudi Arabia has set aside $800 million for African and Asian development projects, Economy Minister Faisal bin Fadhil said on Wednesday.

The announcement was made during the United Nations Conference on Least Developed Countries in Doha, Qatar, according to the Saudi Press Agency (SPA).

“Despite the developmental and social progress achieved over the past fifty years, fundamental challenges faced by Least Developed Countries remain and have become more complex and urgent,” he said.

OVER $126 MILLION IS DONATED BY SAUDI ARABIA FOR TURKIYE QUAKE VICTIMS

The conference, which is running from March 5 – 9 in Qatar, looks to find long-term and sustainable solutions to support economies in underdeveloped countries.

The minister did not specify the exact projects the money would be spent on.

The Kingdom of Saudi Arabia announces $800 million in loans to LDCs through @SaudiFund_Dev to fund development projects across Africa, Asia, and other parts of the world.

Highlights from the Kingdom’s address by HE Minister of Economy and Planning during @UN #LDC5 conference. pic.twitter.com/uk8qjNs5E6

— وزارة الاقتصاد والتخطيط (@MEPSaudi) March 8, 2023

During his speech, the economy minister said that the Kingdom would continue to work with “international partners” to realize the 2030 Agenda for Sustainable Development. These are a set of 17 objectives set by the UN to improve health and education, reduce inequality, spur economic growth, and reduce the effects of climate change in developing countries.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

___________________________________________________________________________________________________________________________________

FOLLOW INDEPENDENT PRESS:

TWITTER (CLICK HERE)
https://twitter.com/IpIndependent