Saudi Development Fund Signs $3.5 Million to Aid Syrian Refugees in Lebanon

Press release

Published January 31st, 2018 - 10:48 GMT

The funding will be to carry forward the implementation of the second phase on the housing project covering over 10,000 Syrian families.

Saudi Arabia's Development Fund announced on Monday signing an agreement with the UN High Commissioner for Refugees (UNHCR) to provide $3.5 million to Syrian refugees in Lebanon.

The funding will be to carry forward the implementation of the second phase on the housing project covering over 10,000 Syrian families, according to the Saudi state-owned news agency SPA.

The Fund's total contributions to UNHCR’s projects so far have amounted to $30.7 million.

This is part of the Fund's assistance to displaced Syrian refugees in Lebanon and other neighboring countries.

The agreement was signed by Vice President of the Saudi Fund for Development Eng. Yousef Bin Ibrahim Al Bassam and UNHCR's Regional Representative for the Gulf Cooperation Council (GCC) Khalid Khalifa.

The contribution comes from Saudi Arabia at a time the Syrian crisis extends its toll for the eighth year in a row, forcing more than 5.4 million Syrians to leave their homes and property as they seek safety in neighboring countries.

Increasing refugee influx has managed to strain the social and economic situation of host countries, especially Lebanon, which hosts over a million, of which almost 70 percent live in striking poverty and are in dire need of aid.

Source: Aawsat

Background Information

Saudi Fund for Development

The Saudi Industrial Development Fund (SIDF) contributes effectively to the realization of the goals, policies and programs of the Kingdom's industrial development, by providing the finance and advisory services needed to support the growth and development of the local industrialization and upgrading the level of the industry performance. Based on its developmental responsibility towards the manufacturing sector and its role in promoting industrial investment opportunities, SIDF adopts a set of standards and rules that ensure SIDF's optimal functionality and best delivery of mission. These standards are intended to verify the viability of the projects applying for SIDF's finance from both public and private economic perspectives, promote and encourage optimal investment opportunities for successful industrial projects.