RIYADH, Saudi Arabia, November 10, 2023–(BUSINESS WIRE)–Saudi Arabia Fund for Development (SFD) CEO HE Sultan Al-Marshad signed 14 new development loan agreements worth $580 million with 12 African ministers to finance projects in Angola, Burkina Faso, Benin, Burundi, Cape Verde, Guinea, Malawi, Mozambique, Niger, Rwanda, Sierra Leone and Tanzania at the Saudi-Arab-African Economic Conference in Riyadh.
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The CEO of SFD, Mr. Sultan Al-Marshad and the CEO of African Finance Corporation, Mr. Samaila Zubairu signed a memorandum of cooperation to promote sustainable development (Photo: AETOSWire)
The SFD CEO also signed a Memorandum of Cooperation (MoU) with the African Finance Corporation that will enable SFD to work 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, Girls Secondary Schools in several areas of Niger for $28 million and the 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, Manga Regional Hospital (Phase 2) in Burkina Faso and Watersheds in Santiago Islands, Cape Verde for $17 million.
SFD will finance the Catumbela Industrial Development Project (Phase 1) in Angola for $100 million, the expansion of the water transmission and distribution system in eastern Kigali for $20 million, Rwanda and the construction and rehabilitation of the Mangochi-Makanjira road in Malawi for $20 million. Three other agreements with Mozambique include the construction and equipping of five hospitals in different areas, the construction of the Muera Dam and the rehabilitation and upgrading of two sections of National Highway no. Project in Tanzania for 13 million US dollars.
On this occasion, SFD CEO HE Sultan Al-Marshad said: “SFD is proud to continue to work with African countries contributing to support development projects that will have a tangible impact on the lives of millions of people. new agreements and memorandum of understanding, we are taking a step further towards a brighter and fairer Africa.”
SFD has funded more than 400 sustainable development projects worth US$10.7 billion in 46 countries, accounting for 57% of its funding in developing countries.
*Source: AETOSWire
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Contacts
Nawaf Alojrush
alojrush@sfd.gov.sa