International Finance

Saudi prince’s visit to the UK brings new alliance on global aid

UK, Saudi Arabia, East Africa, poverty, poor countries, economic conditions, Joint Cooperation Memorandum, British
The Department for International Development and the Saudi Fund for Development will work together to protect lives in scarce countries

The UK and Saudi Arabia signed the Joint Cooperation Memorandum to brace economic conditions for some of the world’s poorest population, according to the Department for International Development.   

The partnership was declared during the Crown Prince of Saudi Arabia’s first time visit to the UK. This is the first between the Department for International Development and the Saudi Fund for Development.

The dedication to uplift the livelihood of the people in East Africa shows significant interest to eliminate world poverty and conflict. Penny Mordaunt, Secretary of State for International Development of the United Kingdom, said: “Global Britain is rightly recognised as an international leader when it comes to helping the most vulnerable, saving lives and tackling global challenges.

The Saudi Fund has a long record of investing in successful development projects around the world. We are sharing the best of British expertise, and our collective efforts will help create jobs and livelihoods to support the poorest people to stand on their own two feet. This in turn will help to boost global prosperity which is in all our interests.”

Quality expertise and collaborative efforts from both departments is a positive start “by building critical infrastructure for some of the world’s poorest whose lives are threatened by drought, disease and conflict. Together we can make a bigger difference and ensure that everyday tasks like collecting drinking water are made much easier,” Mordaunt added.

What's New

Egypt’s inflation continues to increase

IFM Correspondent

Dubai’s non-oil PMI touches new peak as country’s economic diversification accelerates

IFM Correspondent

IF Insights: Economic downfall continues for Palestine as Gaza conflict rages on

IFM Correspondent

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.