Saudi Arabia has provided over SR281 billion to assist developing countries since the mid 1970s. This aid represents almost four percent of the country’s average Gross National Product (GNP).
The Kingdom has extended support to 73 countries, including 41 African and 23 Asian nations, to execute a number of development projects. This sum includes SR26.2 billion contributed by the Saudi Fund for Development (SFD), which alone has financed 370 development projects in 65 developing countries, according to a study conducted by the Minister of Finance and National Economy, Dr Ibrahim Al-Assaf, and published by the Organization of Petroleum Exporting Countries (OPEC) Fund for Development.
Referring to Saudi assistance to Arab, regional and international organizations, Arab News today quoted Dr Al-Assaf saying that the total sum exceeded SR78 billion. These organizations include the International Monetary Fund (IMF), the World Bank, the OPEC Fund for International Development, the Islamic Development Bank (IDB), the Arab Fund for Economic and Social Development, the Arab Monetary Fund, the Arab Bank for Economic Development in Africa and the African Development Fund.
These figures do not include humanitarian assistance provided by the Kingdom.
“Saudi Arabia also became a pioneer in debt relief when it cancelled SR22.5 billion of poor countries’ debt,” said the Minister, adding that developed countries have been further receding from the target of 0.7% of GNP as Overseas Development Assistance (ODA) to developing countries. Hence, the international community should redouble its efforts to achieve this target, he added.
The study stressed the need to work with existing institutions to promote global development rather than to propose institutional realignment.
Source: SPA
