Riyadh, Saudi Arabia — The Saudi Fund for Development (SFD) on Thursday signed over $580m development loan agreements with 12 African ministers to implement 14 new development projects in various parts of the continent.
The SDF Chief Executive Officer, Sultan Al- Marshad, signed the agreement with the African ministers at the Saudi-Arab-Africa economic forum held here in Riyadh, Kingdom of Saudi Arabia.
The beneficiary countries are Angola, Benin, Burundi, Cabo Verde, Burkina Faso, Mozambique, Guinea, Mali, Niger, Rwanda, Sierra-Leone and Tanzania.
Besides, the CEO of SDF also signed a Memorandum of Understanding with the African Finance Corporation CEO, Sumaila Zubairu Tahis, to identify, develop and co-finance infrastructure and industrial projects.
Mr Al-Marshad remarked at the signing of the development loan agreements and the MoU "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 in line with its mission to promote global sustainable development."
The 14 development loan agreements signed included 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.
Others are the construction of higher college for teacher preparation and the scientific secondary school project in Benin for $40 million, 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.
The projects also include funding 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.
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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, 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.
Very significantly, the 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.
The SFD is a government entity that provides soft development loans and grants to finance development projects and programmes in developing countries.
Since 1975, SFD has financed over 800 development projects worth US$20 billion in over 100 countries around the world.
In Africa alone, SFD has financed over 400 projects worth US$10.7 billion in 46 countries.
