RIYADH: Saudi Arabia has reaffirmed its commitment to the economic goals of Southeast Asian countries, with its development fund meeting the premiers of Cambodia and Vietnam.
According to the Saudi Press Agency, the Saudi Fund for Development CEO Sultan Al-Marshad met Cambodian Prime Minister Hun Manet and Vietnamese Premier Pham Minh Chinh in separate meetings last week.
Al-Marshad discussed with Manet avenues of cooperation on development projects across several sectors in Cambodia.
The SFD CEO also reviewed with Vietnam’s Chinh the developmental relationship nurtured by both countries over the last 12 years.
Furthermore, they discussed the means of enhancing development cooperation in various key sectors in Vietnam.
Since 2011, the fund has invested over $164 million in projects and programs sustaining the country’s social development and economic prosperity.
Initiatives in Vietnam that have received concessional loans from the Saudi fund include those related to rural infrastructure, human resource and healthcare development in provinces facing economic strains.
In 2021, Saudi Ambassador Saud Al-Suwailem told the Vietnamese Ministry of Finance, “Saudi Arabia is willing to cooperate, provide resources through Saudi Fund for Development and provide technical assistance to Vietnam in order to promote the cooperation, investment and trade relationship between the two countries in the future.”
The SFD has supported over 750 development projects and programs in over 90 developing countries with a total of around $20 billion.
Its decision to invest in Cambodia’s infrastructure and agricultural development re-instills the Kingdom’s commitment to south-south collaboration and sustainable growth in emerging economies.
In August of this year, Crown Prince Mohammed bin Salman called Cambodia’s new prime minister to congratulate him on his assumption to office while wishing the leader and his country further progress and prosperity.
In his inaugural Cabinet address, Manet pledged wide-ranging economic reforms to make Cambodia a “high-income country” by 2050.
“The next 25 years will be a new cycle for Cambodia,” he said in a televised speech.
The SFD aims to continue supporting various sectors in developing countries towards sustainable development.
