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09/03/2017 - 17:05hs

Saudi donates USD 4 million for poor countries

The funds will go into a program to support the development of foreign trade in less developed nations that is part of the UN Millennium Development Goals.

São Paulo – Saudi Arabia will provide USD 4 million for a World Trade Organization (WTO) program designed to develop foreign trade in less developed countries and relying on it to reduce poverty, the Geneva-based multilateral organization said this Thursday (9).

According to the WTO, the “Enhanced Integrated Framework (EIF)” comprises 24 financing countries, and covers 48 underdeveloped nations. The Saudi funds will be used during the second stage of the EIF. During the first stage, the country supplied USD 3 million for a fund established for the program. Donors have pledged to take the fund from its current USD 203 million to USD 253 million.

We greatly appreciate Saudi Arabia’s valuable support to the EIF Trust Fund, which is particularly timely as the programme’s role has been clearly defined in the UN Sustainable Development Goals,” said EIF board chair Yvette Stevens, who is also an ambassador and the permanent representative of Sierra Leone at the UN in Geneva. “Saudi Arabia’s donation will help communities, traders, farmers and entrepreneurs afford medical care, send their children to school and have a decent standard of living paving the way for a sustainable future for the next generation,” she added.

The program is in line with the eighth goal of the UN Millennium Development Goals, the set of targets to be met globally by 2030. The eighth goal is “to promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.” According to the UN, actions required to meet the goal include “Increase Aid for Trade support for developing countries, in particular least developed countries, including through the EIF.”

“The signing of this agreement represents part of the efforts of Saudi Arabia to support the LDCs and assist them to enhance their capacity building, increase their export volumes, play an active role in international trade and achieve economic growth and stability,” said Fahad Alnowaiser, director general of the Export Credit Department of the Saudi Export Program of the Saudi Fund for Development according to a press release from the WTO.

*Translated by Gabriel Pomerancblum

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