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    SFD supports vital African projects with over $580 million in development loans


    Nov 9, 2023

    RIYADH — The Chief Executive Officer of the Saudi Fund for Development (SFD), Sultan Al-Marshad, inked 14 new development loan agreements on Thursday with ministers from 12 African nations.

    These agreements, totaling over $580 million, aim to finance crucial projects spanning healthcare, water, education, and transportation sectors in countries such as Angola, Burkina Faso, Benin, Burundi, Cabo Verde, Guinea, Malawi, Mozambique, Niger, Rwanda, Sierra Leone, and Tanzania. The signing ceremony unfolded during the Saudi-Arab-African Economic Conference held in Riyadh.

    Simultaneously, the SFD CEO entered into a Memorandum of Understanding (MoU) with Samaila Zubairu, CEO of the African Finance Corporation. This collaboration will pave the way for SFD and AFC to jointly identify, develop, and co-finance infrastructure and industrial projects across the continent.

    Among the 14 development loan agreements, noteworthy projects include the construction of a Mother and Child Referral Hospital in Guinea ($75 million), a Riyadh Referral hospital in Sierra Leone ($50 million), Boarding Secondary Schools for Girls in Niger ($28 million), and the Construction of Higher College For Teacher Preparation And The Scientific Secondary School Project in Benin ($40 million). Additionally, agreements cover projects like the Rehabilitation of the King Khalid University Hospital in Bujumbura, Burundi ($50 million), the Manga Regional Hospital (Phase 2) in Burkina Faso ($17 million), and Watersheds in the Islands of Santiago, Saint Antao, and Boavista, Cabo Verde ($17 million).

    Other significant initiatives include the Catumbela Industrial Development Project (Phase 1) in Angola ($100 million), the Expansion of The Transmission and Distribution Water System in the East of Kigali, Rwanda ($20 million), and the Construction and Rehabilitation of the Mangochi-Makanjira Road in Malawi ($20 million). The agreements extend to various regions and sectors, addressing critical needs.

    These agreements and the MoU are poised to positively impact the lives of millions across Africa, enhancing access to healthcare, education, water, transportation, and economic opportunities. They are expected to stimulate economic growth and job creation while aligning with a spectrum of UN Sustainable Development Goals (SDGs), including poverty alleviation, health, education, gender equality, water and sanitation, decent work, economic growth, industry, innovation, infrastructure, inequality reduction, sustainable cities and communities, and climate change.

    SFD’s CEO, Sultan Al-Marshad, expressed pride in the continued partnership with African countries, emphasizing the tangible impact these development projects will have on millions of lives. He highlighted the commitment to fostering a brighter, more equitable Africa by supporting healthcare, education, water, and transportation initiatives, ultimately empowering people to reach their full potential and building a sustainable and economically prosperous continent for future generations.

    In line with its mission to promote global sustainable development since 1975, SFD has financed over 800 development projects worth $20 billion in more than 100 countries worldwide. In Africa alone, SFD has contributed to over 400 projects, amounting to $10.7 billion in funding across 46 countries, representing 57% of its funding in developing countries globally.

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