Saudi Arabia donates $100 million to Arab Trade Financing Program

April 8, 2014

Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf led the Saudi delegation to the annual meeting of the Joint Arab Financial Institutions in Tunis today. The event was attended by several Arab finance ministers, central bank governors and economic officials. The delegates reviewed a number of issues, including future joint financial programs, the exchange of expertise, and the funding of small and medium-sized private businesses in the Arab world.

While in Tunis, Dr. Al-Assaf also attended the Arab Monetary Fund Governors’ Council. In a press statement on the sidelines of the events, the Saudi Finance Minister announced the approval by the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz of a $100 million Saudi contribution to the Arab Trade Program, an affiliate of the Arab Monetary Fund. Dr. Al-Assaf said that the donation is part of the Custodian of the Two Holy Mosques Initiative announced during last year’s Arab Socioeconomic Summit in Riyadh.

The Kingdom’s delegation to the meetings included Saudi Arabian Monetary Agency (SAMA) Governor Dr. Fahd bin Abdullah Al-Mubarak; Deputy President and Managing Director of the Saudi Development Fund (SDF) Yousif bin Ibrahim Al-Bassam; and Undersecretary of the Ministry of Finance for International Financial Affairs Dr. Sulaiman bin Mohammed Al-Turki.