RIYADH, 3 January 2003 — Saudi Arabia has assisted developing countries to the tune of over SR281 billion since the mid-1970s. The aid represents nearly four percent of the country’s average GNP.
The Kingdom has extended support to 73 countries, including 41 African and 23 Asian nations to execute a number of development projects.
This amount also 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 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, Dr. Al-Assaf said the total exceeded SR78 billion. These organizations include the International Monetary Fund (IMF), World Bank, OPEC Fund for International Development, Islamic Development Bank (IDB), Arab Fund for Economic and Social Development, Arab Monetary Fund, Arab Bank for Economic Development in Africa and African Development Fund.
The figures do not include humanitarian assistance provided by the Kingdom.
“On a bilateral basis, Saudi Arabia has also become a pioneer in debt relief when it wrote off SR22.5 billion of poor countries’ debt, said the minister, adding that the developed countries have been slipping even further back from the target of 0.7 percent of GNP as Overseas Development Assistance (ODA) to developing countries. Hence, the international community should double its efforts to achieve this target, he added.
The study stressed the need to work with the existing institutions for promoting world development rather than to suggest new proposals for institutional realignment.
