Advertisement
Advertisement
Advertisement
Advertisement
Davos 2023: Saudi Arabia to modifies its no-strings assistance

Davos 2023: Saudi Arabia to modifies its no-strings assistance

Davos 2023: Saudi Arabia to modifies its no-strings assistance

Davos 2023: Saudi Arabia to modifies its no-strings assistance

Advertisement
  • The country is changing the unconditional direct grants and deposits.
  • Gulf Arab nations have increasingly shifted toward investing.
  • The kingdom may increase its investments in cash-strapped Pakistan to $10 billion from $1 billion.
Advertisement

The finance minister of Saudi Arabia announced on Wednesday that the country is changing the unconditional direct grants and deposits it previously made to allies.

Mohammed al-Jadaan said at the World Economic Forum in Davos that the kingdom, which is the top oil exporter in the world and a major Arab power, was encouraging the region’s nations to implement economic reforms.

“We used to give direct grants and deposits without strings attached and we are changing that. We are working with multilateral institutions to actually say we need to see reforms,” the minister said.

“We are taxing our people, we are expecting also others to do the same, to do their efforts. We want to help but we want you also to do your part.”

Instead of providing direct financial aid, Saudi Arabia and other Gulf Arab nations like the United Arab Emirates and Qatar have increasingly shifted toward investing.

The kingdom may increase its investments in cash-strapped Pakistan to $10 billion from the $1 billion announced in August, according to Saudi state media, and raise the cap on deposits to the Pakistani central bank to $5 billion.

Advertisement

In June, Saudi Arabia announced plans to lead investments totaling $30 billion, signed deals with Egypt worth $7.7 billion, including one to build a $1.5 billion power plant, and helped an ally struggling with a weakening currency and a lack of foreign currency.

The kingdom also established businesses in Iraq, Oman, Sudan, Bahrain, Egypt, Jordan, and Jordan in order to look for up to $24 billion in investments there.

Also Read

Saudi FM urges Israel to engage on resolving Yemen conflict – Davos 2023
Saudi FM urges Israel to engage on resolving Yemen conflict – Davos 2023

Saudi FM asserted that the conflict could only be ended through a...

Advertisement
Advertisement
Read More News On

Catch all the Middle East News, Saudi Arabia News, World News, Breaking News Event and Latest News Updates on The BOL News


Download The BOL News App to get the Daily News Update & Follow us on Google News.


End of Article

Next Story