Saudi Arabia has provided soft loans to 95 countries

May 12th, 2011 - 4:45 pm ICT by IANS  

Istanbul, May 12 (IANS) Saudi Arabia has provided assistance and soft loans over the past 30 years to 95 developing countries, a minister said.

Minister of State for Foreign Affairs Nizar bin Obeid Madani said here that as part of its responsibility towards the Least Developed Countries (LDCs), the country has provided assistance and soft loans over the past three decades benefiting 95 developing countries.

Saudi Press Agency (SPA) said that the minister was speaking at the fourth UN Conference on the Least Developed Countries being held here. It opened May 6 and ends May 13.

Madani said LDCs are facing numerous challenges in their endeavour to ensure a decent life for their people.

“It is disturbing to note that the LDCs are currently experiencing rapid population growth compounded with problems of backwardness, poverty, unemployment, illiteracy…,” the minister was quoted as saying by SPA.

He said that Saudi Arabia has shown great concern to further the development process in those countries.

During the last three decades, the kingdom has provided a total of about $100 billion in non-recoverable aid and soft loans from which 95 developing countries in various parts of the world have benefited and this assistance has covered basic development sectors such as health, education and infrastructure, he added.

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