Saudi Fund for Development Unveils $580 Million Boost for Impactful Development Across Africa

Saudi Fund for Development Unveils $580 Million Boost for Impactful Development Across Africa

By Staff Writer, 13 November 2023

In a significant move aimed at bolstering impactful development across Africa, the Saudi Fund for Development (SFD) has finalized agreements totaling around SR2.175 billion ($580 million).

The 14 development loan pacts were formalized during the Saudi-Arab-African Economic Forum, where SFD engaged with 12 African ministers.

The diverse projects encompass various sectors critical to the well-being of the nations involved, including healthcare, water, education, and transportation.

The confirmed initiatives consist of the construction of hospitals, roads, schools, and water facilities in multiple African countries, including Mozambique, Niger, Burkina Faso, Benin, Guinea, Sierra Leone, Burundi, Malawi, Tanzania, Cabo Verde, Rwanda, and Angola.

For instance, in Mozambique, the agreements encompass the SAR187.5 million Muera Dam Project, the construction and equipping of five hospitals, and the rehabilitation and upgrade of two sections of a national road.

Similarly, Niger will receive SAR105 million for school construction in various regions, while Burkina Faso's Manga Regional Hospital Project will be supported with SAR63.75 million.

SFD's Commitment to Boost Impactful Development Across Africa

Highlighting the broader impact of these development loan agreements, SFD expressed on social media that they will "contribute to the overall prosperity of the continent."

In a further commitment to fostering development in Africa, a memorandum of understanding (MoU) was signed between the Saudi Fund for Development and the Africa Finance Corporation (AFC) during the forum.

This MoU aims to expand SFD's existing $10.7 billion of development support in Africa.

The signed MoU signifies the collaborative efforts of AFC and SFD in identifying, developing, and co-financing infrastructure and development projects across the continent.

The strategic partnership is poised to play a pivotal role in advancing sustainable and impactful initiatives for the benefit of African nations.

Source: Zawya

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