Saudi Fund for Development Signs $580m Loan Agreements for African Development Projects
The Saudi Fund for Development (SFD) has announced the signing of 14 new loan agreements worth $580 million to support various development projects across Africa. The agreements were signed by the SFD CEO, H.E. Sultan Al-Marshad, during the Saudi-Arab-African Economic Conference in Riyadh. The loans will fund projects in Angola, Burkina Faso, Benin, Burundi, Cabo Verde, Guinea, Malawi, Mozambique, Niger, Rwanda, Sierra Leone, and Tanzania.
In addition to the loan agreements, the SFD CEO also signed a Memorandum of Understanding (MoU) with the African Finance Corporation (AFC) to collaborate on identifying, developing, and co-financing infrastructure and industrial projects across the continent. This partnership will further enhance the SFD’s commitment to supporting sustainable development in Africa.
The loan agreements cover a wide range of projects aimed at improving healthcare, education, and infrastructure in the recipient countries. Some of the noteworthy projects include the construction of a Mother and Child Referral Hospital in Guinea, a Riyadh Referral Hospital in Sierra Leone, and Boarding Secondary Schools for Girls in Niger. The SFD will also finance the construction and rehabilitation of hospitals, roads, and dams in various African countries.
The SFD has been actively contributing to development projects in Africa, having funded over 400 sustainable projects with a total value of $10.7 billion across 46 countries. These projects have played a significant role in improving the lives of millions of people in Africa and promoting equitable development across the continent.
Commenting on the new loan agreements, the CEO of SFD, H.E Sultan Al-Marshad, expressed pride in partnering with African countries to support projects that will have a tangible impact. He emphasized that these agreements and the MoU mark a step forward towards a brighter and more equitable Africa.
The SFD’s commitment to financing African development projects highlights its dedication to fostering sustainable growth and prosperity in the region. By collaborating with the AFC, the SFD aims to leverage resources and expertise to address critical infrastructure and industrial needs in Africa.
The loan agreements signed by the SFD will undoubtedly contribute to the socio-economic development of the recipient countries, improving access to essential services and creating opportunities for socio-economic advancement. The projects funded by the SFD will have a lasting impact on the lives of millions of people, promoting progress and prosperity in Africa.
In conclusion, the Saudi Fund for Development’s signing of $580 million loan agreements for African development projects reinforces its commitment to supporting sustainable growth and development across the continent. Through strategic collaborations and investments, the SFD aims to create a brighter future for Africa, benefiting millions of people and fostering equity and prosperity in the region.
