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Saudi Arabia, the largest economy in the Arabian Peninsula, plays a pivotal role in shaping the economic landscape of the Middle East. The kingdom’s oil reserves and ambitious economic diversification plans have positioned it as a regional leader with global impact.
According to a senior World Bank official, Saudi Arabia stands as the driving force propelling the economic surge within the Middle East and wields a profound influence in shaping regional and global policies.
As per a recent report by the Saudi Press Agency, during the Arab World conference at Harvard University in Boston, Yaarub Al-Yaarubi, the senior adviser to the World Bank’s executive director, emphasized the kingdom’s global significance.
Al-Yaarubi underlined Saudi Arabia’s contribution via the WB International Development Association to low-income nations, highlighting its rapid expansion onto the world stage. He also mentioned Saudi Arabia’s proactive stance in combating climate change, commending the kingdom for its far-reaching global initiatives.
As per a World Bank report, Saudi Arabia, engaged in the G20, collaborates with member nations to bolster stability and support developing countries, elevating regional and global development institutions. Through the Saudi Fund for Development’s leadership, the region has allocated over $20 billion to 800-plus development initiatives across 100+ developing nations globally.
The nation has emerged as a pivotal development ally to the World Bank. Notably, the government committed $700 million to IDA20 in December 2021 and $400 million to IDA19 two years prior.
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