Saudi Arabia’s SFD inks deal to finance development project in Senegal

By Shilpa Annie Joseph, Official Reporter
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Saudi Arabia
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The Saudi Fund for Development (SFD) has entered into a partnership with the Ministry of Senegal in order to financially support the development project in the country.

The CEO of the Saudi Fund for Development Mr. Sultan bin Abdulrahman Al-Marshad and the Minister of Economy, Planning, and Cooperation of Senegal Mr. Amadou Hott signed an agreement to finance the rehabilitation and asphalting project of the 62 km road in Senegal.

According to the statement, “The development loan dedicated to the project is worth a total of $47 million provided by the SFD.”

The Fund said in a statement this project aims to establish and expand the road, to improve the level of road safety, in accordance with the standards approved by the West African Monetary and Economic Union.

“Furthermore, it will contribute to meeting the needs of the inhabitants of towns and villages, reducing the difficulty of transport services, reducing the rate of injuries and deaths resulting from traffic accidents, and facilitating the trade and economic exchanges,” the Fund added.

The Saudi Grant Management Committee of the Saudi Fund for Development inked three agreements worth $19 million (300 million Egyptian pounds) in January in order to contribute to the financing of small, medium, and micro-enterprises (SMEs) in Egypt. The agreements included $6 million with the Industrial Development Bank, $6 million with the Banque du Caire, and $6 million with the Enmaa Finance Company.

Earlier this year, SFD signed three Memorandums of Understanding (MoUs) with the Omani Ministry of Finance (MoF) in order to finance several projects with a value of around $244 million.

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