HomeEconomySaudi pledges $400 mn to Ukraine
By Economy Middle East
February 27, 2023 10:40 am

Saudi pledges $400 mn to Ukraine

As Kingdom’s FM visits Kyiv
Ukraine Saudi
(From right) Saudi Arabia's Foreign Minister Prince Faisal bin Farhan and Ukrainian President Volodymyr Zelenskyy (Twitter)

Saudi Arabia signed an agreement and a memorandum of understanding (MoU) with Ukraine, providing the country with $400 million in humanitarian aid during a high-level delegation’s visit to Kyiv, the Saudi foreign ministry said.

Saudi Foreign Minister Prince Faisal bin Farhan led the Kingdom’s delegation and was received by Ukrainian President Volodymyr Zelenskyy at the presidential residence in Kyiv.

The FM also met with his Ukrainian counterpart Dmytro Kuleba and the head of the Ukrainian president’s office Andriy Yermak. The Saudi top diplomat discussed opportunities to enhance bilateral cooperation in a wide range of fields, in addition to reviewing regional and international developments of common concern, the Saudi foreign ministry said.

Read more: Saudi, UAE pledge $3 billion to Yemen

The agreement signed is a $100 million joint cooperation program to provide humanitarian aid to Ukraine, state news agency SPA reported.

The MoU pledged that the Saudi Fund for Development will finance Ukraine’s oil derivatives worth $300 million and was signed by the fund’s chief executive Sultan Abdulrahman al-Marshad.

Saudi Ukraine

“SPA” stated that the signing of the agreement and the memorandum of understanding reflects the Saudi government’s keenness to “support Ukraine and its friendly people in facing the social and economic challenges that the country is going through, and to contribute to mitigating the resulting humanitarian effects.”

The aid package was first announced by Saudi Crown Prince Mohammed bin Salman last October, after his phone call with Ukrainian President. The Crown Prince had expressed the Kingdom’s support of de-escalation efforts and readiness to continue mediation efforts to resolve the conflict.

For more economic news, click here.