The Saudi Fund for Development (SFD) and the Asian Development Bank (ADB) have signed a Memorandum of Understanding (MoU) aimed at promoting initiatives that foster social and economic development in ADB-developing member countries in Asia and the Pacific.
The MoU was signed by SFD’s CEO, H.E. Sultan Al-Marshad and ADB’s President, H.E. Masatsugu Asakawa. The signing took place on the sidelines of the 2023 World Bank Group – IMF Annual Meetings in the city of Marrakech, Morocco.
The SFD-ADB agreement marks a step forward in the strategic partnership between SFD and the ADB. The agreement signed aims to identify ways in which collaboration between SFD and ADB can contribute towards the UN Sustainable Development Goals (UNSDGs) and strengthen the global development system.
Under the MoU, the two institutions will focus on their respective development activities, including cooperation to support countries in Asia and the Pacific, and strengthening capacities to better respond to overseas needs. The MoU will also promote knowledge-sharing to maximize institutional efficiency and development impact.
This MoU is a testament to the shared commitment of SFD and ADB to supporting sustainable and inclusive development in Asia and the Pacific. Since its inception in 1974, SFD has funded more than 700 development projects worth $18.7 billion in over 90 countries around the world. In Asia alone, SFD has financed 265 development projects worth $7.3 billion in 30 countries. This accounts for 39.04 percent of SFD’s funding in developing countries worldwide, supporting diverse sectors including agriculture, energy, industry, transportation, and social infrastructure.