The Saudi Fund for Development (SFD) has signed 14 new development loan agreements with 12 African ministers, worth over $580 million to fund projects in healthcare, water, education, and transportation sectors.
The fund will support projects in Angola, Burkina Faso, Benin, Burundi, Cabo Verde, Guinea, Malawi, Mozambique, Niger, Rwanda, Sierra Leone, and Tanzania. The signing ceremony took place in the Saudi-Arab-African Economic Conference held in Riyadh, Kingdom of Saudi Arabia.
In conjunction with the loan agreements signing, the SFD’s CEO Sultan Al-Marshad signed a Memorandum of Understanding (MoU) with the African Finance Corporation’s (AFC) CEO, Mr. Samaila Zubairu. This MoU will enable SFD to collaborate with AFC to identify, develop, and co-finance infrastructure and industrial projects across the continent.
The 14 development loan agreements signed include 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, and the Construction of Higher College For Teacher Preparation And The Scientific Secondary School Project in Benin for $40 million.
In addition, the agreements include the 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.
Sultan Al-Marshad CEO – SFD
“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.”
The SFD will fund 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 and lastly 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.
Importantly, these 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.
In line with its mission to promote global sustainable development since 1975, SFD has funded more than 800 development projects worth $20 billion in over 100 countries around world. In Africa alone, SFD has financed over 400 projects worth $10.7 billion in 46 countries. This accounts for 57 percent of SFD’s funding in developing countries worldwide.
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