Prince Saud Al-Faisal, the Foreign Minister, headed the delegation of the Kingdom of Saudi Arabia to the Donors' Conference for Reconstruction of Iraq held here today. The Minister of Finance Ibrahim bin Abdulaziz Al-Assaf participated in the conference.
Addressing the conference, Prince Saud highlighted that Iraq and its neighbors have undertaken the burdens and costs as a result of the policies of the former regime which launched three wars in two decades. He pointed out that the Kingdom has undertaken these burdens and costs particularly in support of the war efforts to liberate Kuwait.
Prince Saud noted that the Kingdom has stood by the brotherly people of Iraq to alleviate their suffering and provided Iraq with humanitarian and relief aid since the end of the military actions, indicating that the Kingdom is looking forward to the quick return of Iraq as an independent state on the track of prosperity and stability. He added that Iraq's stability is vital to the region's stability.
Prince Saud said, ''Emanating from its stances in support of the Iraqi people, the Kingdom will provide U.S. 500 million dollars through the Saudi Development Fund to finance developmental projects, notably in the field of education, health and infrastructure”. He confirmed that the Saudi private sector will take part in the execution of these projects, .
Prince Saud also announced that the Kingdom will provide U.S. 500 million dollars to finance and guarantee Saudi exports through the Saudi Exports Program. That sum will support the efforts of Saudi exporters to export to the Iraqi market by the provision of insurance against non-commercial and non-payment risks. This guarantee aims to encourage exporters to export to the Iraqi market which needs many commodities and services to meet the needs of the reconstruction projects.
