Jeddah, Saudi Arabia, June 2, 2014
— World Bank Group President Jim Yong Kim, on his first visit to Saudi
Arabia, highlighted the leadership role of the Kingdom in global and regional
economic developments, emphasizing the importance of strengthening partnerships
with Arab bilateral and multilateral partners for development assistance
and scaling up support for countries in transition.
Saudi Arabia is a member of the G-20 and is a major shareholder in the
World Bank Group and a generous supporter to the International Development
Agency, which provides concessional financing to low-income countries,
“Saudi Arabia plays a crucial role in regional and global economic development
as a major source of energy, overseas development assistance, foreign direct
investment and remittances,” Kim said. “I came to the Kingdom to thank
the senior leadership of their generosity and also to seek ways to strengthening
our partnership with them in order to support other countries in transition
in the region as well as those impacted by the tragic conflict in Syria.”
While in Saudi Arabia, Kim also exchanged views on the growing World Bank-Saudi
partnership in supporting the poorer countries in the Middle East, Africa
and Asia. In this context, Kim expressed strong appreciation for the close
collaboration with Saudi Arabia in support of Yemen during its transition
Saudi Arabia has contributed US$3.25 billion to neighboring Yemen to help
develop its economy which included a US$1 billion deposit to the Central
Bank of Yemen. In addition, Saudi Arabia along with the United Kingdom,
led and co-hosted the ‘Friends of Yemen,’ a group of countries and intergovernmental
organizations that came together to assist in Yemen during the transition
process. The International Development Association (IDA), the part
of the World Bank that helps the world’s poorest countries, has also benefited
from prominent contribution by Saudi Arabia.
Kim met with Crown Prince Salman Bin Abdulaziz, Deputy Crown Prince Muqrin
bin Abdulaziz, Minister of Finance Ibrahim Al-Assaf, and senior government
Kim also visited the Islamic Development Bank (IsDB) to congratulate its
leadership on its 40th Anniversary and affirm the importance of the partnership
between the two organizations for benefit of mutual member countries.
The World Bank Group’s program in Saudi Arabia which includes the Technical
Cooperation Program (TCP) is based on Reimbursable Advisory Services (RAS)
where the Bank brings technical expertise and global knowledge to counterpart
ministries and agencies. It is a multi-sectoral programmatic approach focused
on supporting policy and programs in areas of employment, urban development,
health, water, transport, and energy efficiency. In addition, the
International Finance Corporation has a growing advisory services program
in the Kingdom.
Kim was accompanied on his trip by Inger Andersen, World Bank Regional
Vice President for MENA; and Mouayed Makhlouf , the International Finance
Corporation’s Regional Director for MENA.
World Bank Group President Jim Yong Kim’s visit to Saudi Arabia is part
of a three-country trip to the Middle East which will include stops in
Lebanon and Jordan.
About the World Bank Group
The World Bank Group plays a key role in the global effort to end extreme
poverty and boost shared prosperity. It consists of five institutions:
the World Bank, including the International Bank for Reconstruction and
Development (IBRD) and the International Development Association (IDA);
the International Finance Corporation (IFC); the Multilateral Investment
Guarantee Agency (MIGA); and the International Centre for Settlement of
Investment Disputes (ICSID). Working together in more than 100 countries,
these institutions provide financing, advice, and other solutions that
enable countries to address the most urgent challenges of development.
For more information, please visit www.worldbank.org,