Saudi Arabia has allocated $800 million to finance development projects for Least Developed Countries (LDCs) in Africa and Asia, state-run Saudi Press Agency (SPA) said Thursday, citing the Minister of Economy and Planning, Faisal bin Fadhil Alibrahim.
“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 - especially with the increased vulnerabilities faced by these countries," said bin Fadhil Alibrahim, during the Fifth United Nations Conference on LDCs in Doha.
He added that the COVID-19 pandemic had created troubles that led LDCs countries to deviate from the path to sustainable development.
No additional details were provided on the distribution of the funds, or the dates of disbursements.
LDCs are low-income countries facing severe structural impediments to sustainable development. They are highly vulnerable to economic and environmental shocks and have low levels of human assets.
Countries must have an average per capita income below $1,018 for inclusion, and above $1,222 for graduation from the category, as per the UN Capital Development Fund.
There are currently 46 countries on the list of LDCs, which is reviewed every three years by the Committee for Development (CDP).
Africa has 33 countries on the LDC list such as Angola, Benin, Burkina Faso, Burundi, Central African Republic, Chad, Comoros, Democratic Republic of the Congo, Djibouti, Eritrea, Ethiopia, Gambia, Guinea, Guinea-Bissau, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritania, Mozambique, Niger, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, Somalia, South Sudan, Sudan, Togo, Uganda, United Republic of Tanzania and Zambia.
Asia has nine countries such as Afghanistan, Bangladesh, Bhutan, Cambodia, Lao People’s Democratic Republic, Myanmar, Nepal, Timor-Leste and Yemen.
The Saudi Program for the Development and Reconstruction of Yemen, established by the kingdom in May 2018, has so far implemented 224 projects and initiatives worth $917 million to support Yemen, SPA reported.
The King Salman Humanitarian Aid and Relief Center (KSrelief) has also provided humanitarian aid to 90 countries, with a total value of $6.2 billion, financing 2,314 projects in food security, health, education, water supply, and sanitation.
The SFD has provided 330 loans worth $6.3 billion to LDCs between 1975 and 2022, financing 308 development projects and programs benefiting 35 countries, the report added.
