Saudi Fund provides over $580m loans to African countries

    The Saudi Fund for Develop­ment (SFD) on Thursday signed over $580m de­velopment loan agreements with 12 African ministers to implement 14 new development projects in various parts of the continent.

    The SDF Chief Executive Officer, Sultan Al- Marshad, signed the agreement with the African ministers at the Sau­di-Arab-Africa economic forum held here in Riyadh, Kingdom of Saudi Arabia.

    The beneficiary countries are Angola, Benin, Burundi, Cabo Verde, Burkina Faso, Mozam­bique, Guinea, Mali, Niger, Rwanda, Sierra-Leone and Tanzania.

    Besides, the CEO of SDF also signed a Memorandum of Understanding with the African Finance Corporation CEO, Su­maila Zubairu Tahis, to identify, develop and co-finance infra­structure and industrial projects.

    Mr Al-Marshad remarked at the signing of the development loan agreements and the MoU “The SFD is proud to contin­ue in partnering with African countries through contributing towards supporting develop­ment projects that will have a tangible impact on the lives of millions of people.

    With these new agreements and MoU, we are taking a step further towards a brighter and more equitable Africa. By con­tributing to healthcare, educa­tion, water, and transportation projects, we are supporting the empowerment of millions of people to reach their full poten­tial and build a more sustainable and economically prosperous continent for future genera­tions in line with its mission to promote global sustainable development.”

    The 14 development loan agreements signed included the construction and equipping of a mother and child referral hospital in Guinea for $75 mil­lion, a Riyadh referral hospital in Sierra Leone for $50 million, boarding secondary schools for girls in several regions of Niger for $28 million.

    Others are the construction of higher college for teacher preparation and the scientific secondary school project in Benin for $40 million, reha­bilitation of the King Khalid University Hospital in Bujum­bura, Burundi for $50 million, the Manga Regional Hospital (Phase 2) in Burkina Faso for $17 million, and watersheds in the Islands of Santiago, Saint Antao, and Boavista, Cabo Verde for $17 million.

    The projects also include funding the Catumbela Industri­al Development Project (Phase 1) in Angola for $100 million, the Expansion of The Trans­mission and Distribution Water System in the East of Kigali, Rwanda for $20 million, and the Construction and Rehabilitation of the Mangochi-Makanjira Road in Malawi for $20 million.

    Other agreements include the construction and equipping of five hospitals in different regions of Mozambique for $50 million, the construction of the Muera Dam in Mozambique for $50 million, the rehabilitation and upgrade of two parts of National Road No. 1 in Mo­zambique for $50 million, the Benaco to Kyaka Transmission Line Project in Tanzania for $13 million.

    These agreements and the MoU will have a positive impact on the lives of millions of peo­ple in different regions across Africa by improving access to healthcare, education, water, transportation, and econom­ic opportunities, stimulating economic growth, and creating jobs.

    Very significantly, the projects address a wide range of the UN Sustainable Development Goals (SDGs), priorities, including poverty, health, education, gender equality, water and san­itation, decent work, economic growth, industry, innovation, infrastructure, inequality reduc­tion, sustainable cities and com­munities, and climate change.

    The SFD is a government entity that provides soft de­velopment loans and grants to finance development projects and programmes in developing countries.

    Since 1975, SFD has financed over 800 development projects worth US$20 billion in over 100 countries around the world.

    In Africa alone, SFD has fi­nanced over 400 projects worth US$10.7 billion in 46 countries.


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