The Saudi Fund for Development’s (SFD) CEO, Sultan bin Abdulrahman Al-Marshad has signed a memorandum of understanding (MoU) with Benin’s Minister of Economy and Finance Romuald Wadagni.
According to the statement, the MoU relates to the $5 million Saudi grant for the fifth phase of the SFD-funded Saudi Program for Drilling Wells and Rural Development in Africa.
The agreement intends to provide assistance to the Republic of Benin and other African countries in overcoming the effects of famine and drought. The grant will be used to supply tanks and an extension network to distribute potable water in 37 villages in the Republic of Benin.
The Saudi Fund for Development has provided soft development loans since 2008 to finance six development projects and programs worth more than $145 million. These projects and programs are in health, education, transportation, energy, and other sectors.
Furthermore, the Kingdom of Saudi Arabia has allocated two grants worth $8 million to the Republic of Benin through the fund to support water security, provide water resources, and reduce the effects of drought. These grants are part of the Saudi Program for Drilling Wells and Rural Development in Africa in its fourth and fifth phases.
Last year, the Saudi Fund for Development signed 14 new development loan agreements with 12 African ministers, worth over $580 million in order to fund projects in the 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.