World Bank strengthens Saudi relations

05 June 2014

President of bank visits kingdom

The World Bank has strengthened its relations with Saudi Arabia following a visit made to the kingdom by World Bank Group president Jim Yong Kim in early June.

The visit aimed to highlight the role Saudi Arabia has played in global and regional economic developments.

Saudi Arabia has contributed to $3.25bn to Yemen to help develop the economy, which includes a $1bn deposit to the Central Bank of Yemen. The country is also a major shareholder in the World Bank.

The US-based multilateral has extended a $133.5m grant to Yemen in early June to support a road construction project.

The World Bank works in Saudi Arabia through providing advisory services in sectors such as urban development, health, water or transport.

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