SFD provides $100mn loan for Argentina’s water sector project

By Arya M Nair, Official Reporter
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SFD supports Argentinian water sector
Rep.Image | Courtesy: SPA

The Saudi Fund for Development (SFD) has signed a significant agreement in Argentina to provide a soft loan of $100 million and marks the first step in a project aiming to establish a joint water canal in Córdoba and Santa Fe.

The agreement was signed by Sultan bin Abdulrahman Al-Marshad, the CEO of SFD and  Mr. Juan Schiaretti, the Governor of the Córdoba Province, and Mr. Omar Perotti, the Governor of the Santa Fe Province, at the SFD headquarters in Riyadh.

By providing clean and potable water, the project intends to address the growing demand from the residents of Santa Fe and Córdoba, thus enhancing water resources. It is expected to benefit over 410,000 individuals in 54 cities. This initiative aligns with multiple sustainable development goals, including providing access to clean water, promoting well-being, and supporting employment, social growth, and economic prosperity.

Sultan bin Abdulrahman Al-Marshad expressed the significance of supporting access to clean drinking water, describing it as a fundamental need that improves the quality of life while reducing diseases caused by contaminated water. The SFD is committed to supporting vital projects, not only in Argentina but also around the world, to have a tangible, positive impact on the lives of beneficiaries.

Governor Schiaretti conveyed his pleasure about being in Saudi Arabia and shared his appreciation for the agreement, emphasizing its potential to foster development cooperation between the two sides. Governor Perotti expressed gratitude for the efforts of the SFD task force in establishing this important historic step, which signifies the start of economic cooperation and development between Saudi Arabia and Argentina.

This agreement marks a significant milestone, establishing the SFD as the funding partner for development projects in Argentina. As the 93rd country to receive support from the SFD since its establishment in 1974, Argentina joins a group of nations that have benefited from the fund’s international development initiatives. The SFD has contributed to over 750 projects and programs in various sectors across more than 90 countries, with a total value of around $20 billion.

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