Kingdom extended $100 billion in foreign aid: Madani

“This assistance covered basic development sectors such as health, education and infrastructure in the least developed countries (LDCs)” Madani told the 4th UN Conference on LDCs in Istanbul.
“We have contributed $1 billion for a fund that was set up for alleviating poverty and eradicating diseases and epidemics in the Islamic world,” the minister said.
At the extraordinary OIC summit in Makkah in 2005, the Kingdom announced a donation of $1billion, through the Saudi Fund for Development and the Islamic Development Bank, to combat illiteracy in the member countries of the Organization of the Islamic Conference.
“The Kingdom also announced a contribution of $500 million in development loans on easy terms, through the Saudi Fund for Development for educational projects in LDCs,” he pointed out.
In order to address the global food crisis, he said Saudi Arabia donated $500 million in 2008 to support the World Food Program's endeavors to assist needy countries to meet the rising costs of basic food commodities, adding that the assistance benefited people in 62 countries.
“Custodian of the Two Holy Mosques King Abdullah launched an initiative known as Energy for the Poor for the purpose of enabling needy countries to meet the rising costs of energy,” Madani said, adding that the Kingdom contributed $500 million for the purpose in the form of soft loans from the Saudi Fund for Development, to help LDCs obtain energy.
“The Kingdom has waived more than $6 billion in debt owed by LDCs and has contributed its full quota to Heavily Indebted Poor Countries (HEPC) initiative of the International Monetary Fund,” he said.
The Saudi minister said the Kingdom rejected protectionist policies of some developed countries and stressed the need to address the problems facing LDCs. “The international community must fully honor the pledges that it made to LDCs by providing direct or indirect assistance or waiving and rescheduling their debts,” he said.
“The developed countries also have an obligation to dispel those countries' doubts and fears concerning the fairness of the world trading system by adopting equitable international trade rules to ensure market access for their exports by refraining from the adoption of unfair measures and restrictions that would impede the flow of those exports,” he said.
Madani called upon governments of LDCs to diligently develop their institutional and organizational frameworks and create a favorable environment by putting market economy mechanisms into effect. “All countries and international financial institutions should continue their endeavors to help those countries to adopt appropriate economic policies and carry out structural reforms needed to support development,” he added.