Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    MHRSD: 80% of recruitment offices are non-compliant with regulations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Alkhorayef praises advancements in Al-Kharj food industries sector    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    Police fatally shoot man at Toronto's international airport    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Super Max Verstappen scorches to pole with record lap in Jeddah    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



SFD supports vital African projects with over $580 million in development loans
Published in The Saudi Gazette on 09 - 11 - 2023

The Chief Executive Officer of the Saudi Fund for Development (SFD), Sultan Al-Marshad, inked 14 new development loan agreements on Thursday with ministers from 12 African nations.
These agreements, totaling over $580 million, aim to finance crucial projects spanning healthcare, water, education, and transportation sectors in countries such as Angola, Burkina Faso, Benin, Burundi, Cabo Verde, Guinea, Malawi, Mozambique, Niger, Rwanda, Sierra Leone, and Tanzania. The signing ceremony unfolded during the Saudi-Arab-African Economic Conference held in Riyadh.
Simultaneously, the SFD CEO entered into a Memorandum of Understanding (MoU) with Samaila Zubairu, CEO of the African Finance Corporation. This collaboration will pave the way for SFD and AFC to jointly identify, develop, and co-finance infrastructure and industrial projects across the continent.
Among the 14 development loan agreements, noteworthy projects include the construction of a Mother and Child Referral Hospital in Guinea ($75 million), a Riyadh Referral hospital in Sierra Leone ($50 million), Boarding Secondary Schools for Girls in Niger ($28 million), and the Construction of Higher College For Teacher Preparation And The Scientific Secondary School Project in Benin ($40 million). Additionally, agreements cover projects like the Rehabilitation of the King Khalid University Hospital in Bujumbura, Burundi ($50 million), the Manga Regional Hospital (Phase 2) in Burkina Faso ($17 million), and Watersheds in the Islands of Santiago, Saint Antao, and Boavista, Cabo Verde ($17 million).
Other significant initiatives include the Catumbela Industrial Development Project (Phase 1) in Angola ($100 million), the Expansion of The Transmission and Distribution Water System in the East of Kigali, Rwanda ($20 million), and the Construction and Rehabilitation of the Mangochi-Makanjira Road in Malawi ($20 million). The agreements extend to various regions and sectors, addressing critical needs.
These agreements and the MoU are poised to positively impact the lives of millions across Africa, enhancing access to healthcare, education, water, transportation, and economic opportunities. They are expected to stimulate economic growth and job creation while aligning with a spectrum of UN Sustainable Development Goals (SDGs), including poverty alleviation, health, education, gender equality, water and sanitation, decent work, economic growth, industry, innovation, infrastructure, inequality reduction, sustainable cities and communities, and climate change.
SFD's CEO, Sultan Al-Marshad, expressed pride in the continued partnership with African countries, emphasizing the tangible impact these development projects will have on millions of lives. He highlighted the commitment to fostering a brighter, more equitable Africa by supporting healthcare, education, water, and transportation initiatives, ultimately empowering people to reach their full potential and building a sustainable and economically prosperous continent for future generations.
In line with its mission to promote global sustainable development since 1975, SFD has financed over 800 development projects worth $20 billion in more than 100 countries worldwide. In Africa alone, SFD has contributed to over 400 projects, amounting to $10.7 billion in funding across 46 countries, representing 57% of its funding in developing countries globally.


Clic here to read the story from its source.