Saudi Arabia and the World Bank have been in partnership since 1974 when the Kingdom signed a Technical Cooperation Program (TCP) Agreement establishing the World Bank office in Riyadh. The World Bank brings technical expertise and global knowledge to the government entities to support the country’s development agenda; the advisory program is aligned with and supports the implementation of the Vision 2030 and the National Transformation Program 2020 (NTP). Over the last few years, the program expanded to cover various sectors including improving the investment climate, education, health, labor markets, transport, energy, urban planning, economic management and planning, public financial management, business climate, gender, PPPs, and SME strategy. The RAS engagements focus on strengthening institutional and implementation capacity within the government entities and assisting in developing legislation and policies that advance the Vision 2030 objectives.
Saudi Arabia is a valued, active partner of the World Bank Group. Through its contributions to select funds, it reinforces its status as a key partner in the effort to end extreme poverty and boost shared prosperity. It has been a major donor to the International Development Association (IDA). Saudi Arabia pledged USD 700 million to IDA20, a 75% increase in USD terms as compared to IDA19. This followed a 242% increase in IDA19 (USD 400 million) compared to IDA18 (USD 117 million). Saudi Arabia is the 12th largest contributing partner to IDA20 and 17th largest donor since inception.