Kingdom of Saudi Arabia provides US$ 5.39 million to support Internally Displaced Persons in Pakistan
The Kingdom of Saudi Arabia has provided US$ 5,397,300 to the United Nations Development Programme to support the agency relief efforts for the Internally Displaced Persons (IDPs) in Pakistan.
A Memorandum of Understanding (MOU) was signed on Monday 2nd May 2011 at the Headquarters of the Saudi Fund for Development (SFD) between the Fund and the United Nations Development Programme (UNDP), according to which a US $ 5,397,300 relief grant will be offered to the agency to be used for community infrastructure restoration and rehabilitation in 6 tehsils of District Swat including Babozai, Charbagh, Kabal, Khwazakhela, Matta Kharari and Matta Sebujni.
On Behalf of SFD, H.E. Yousef Ibrahim Al-Bassam, Vice Chairman & Managing Director signed the (MOU) with H.E. Dr. Riyad Mussa Al-Ahmad, United Nations Resident Coordinator and Resident Representative of the United Nations Developing Programme, in Riyadh, who signed on behalf of UNDP. The infrastructure restoration and rehabilitation project includes about 279 Km of link roads, 98Km village streets, 122 small bridges, 199 culverts, and 168 channels.
This is a timely and important contribution which is a testimony of the gesture of solidarity of the people and Kingdom of Saudi Arabia with the people and government of Pakistan at this difficult time.
The Saudi Fund for Development was established by Royal Decree No. M/48 dated 14/8/1394 AH. The basic objectives of the fund are to participate in financing of development projects in developing countries through granting of loans to said countries and to encourage national non-crude-oil exports by providing finance and insurance in support of such exports. It commenced its activities with a capital of SR. 10 billion provided by the Saudi government. The capital has been increased in three phases to its current level of SR. 31 billion. The Fund’s contributions are provided through soft loans. It has no geographical exclusion and it deals directly with governments of the developing countries in financing priority developments projects. The Fund, however, assigns priorities to least developed, low-income countries.
For further information and media assistance, please contact, Fatimah Inayet, Communications Analyst, UNDP Pakistan