2007 News Story

Saudi Arabia to provide Lebanon with over $1 billion in aid

In remarks at a donors’ conference for Lebanon in Paris yesterday, Minister of Foreign Affairs Prince Saud Al-Faisal announced that Saudi Arabia would provide $1 billion in aid to support development projects in Lebanon via the Saudi Development Fund, in addition to a $100 million grant to the Lebanese government.

The Kingdom is one of the leading donors to Lebanon, Prince Saud noted in his remarks. On a bilateral level, Saudi Arabia has already provided the country with $3.4 billion in grants and soft loans. The Kingdom has also financed Lebanon’s development through regional and international financial institutions, he noted.

Prince Saud urged all Lebanese parties to exercise restraint and work together to resolve their disagreements and preserve Lebanon’s unity and stability. He also condemned the violence there reiterated the Kingdom’s support for Arab League efforts to resolve the crisis.

“We reiterate our strong condemnation of the terrorist acts which occurred in Lebanon,” he said. “We stress the need for realizing justice through bringing all those who are proved to have been involved to trial for punishment.”