The Chief Executive Officer of the Saudi Fund for Development (SFD), H.E. Sultan Al-Marshad, has signed 14 new development loan agreements worth $580 million with 12 African ministers to finance projects in Angola, Burkina Faso, Benin, Burundi, Cabo Verde, Guinea, Malawi, Mozambique, Niger, Rwanda, Sierra Leone, and Tanzania during the Saudi-Arab-African Economic Conference in Riyadh (AP).
The CEO of SFD, Mr. Sultan Al-Marshad, and the CEO of the African Finance Corporation, Mr. Samaila Zubairu, signed a Memorandum of Understanding (MoU) to drive sustainable development.
The SFD CEO also signed an MoU with the African Finance Corporation, enabling collaboration to identify, develop, and co-finance infrastructure and industrial projects across the continent.
The 14 signed development loan agreements 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, Boarding Secondary Schools for Girls in Several Regions of Niger for $28 million, and the Higher College For Teacher Preparation And The Scientific Secondary School Project in Benin for $40 million.
Additionally, the agreements cover the Rehabilitation of the King Khalid University Hospital in Bujumbura, Burundi, for $50 million, the Manga Regional Hospital (Phase 2) in Burkina Faso, and Watersheds in the Islands of Santiago, Cabo Verde, for $17 million. The SFD will fund 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 for $20 million in 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 regions, the Construction of the Muera Dam, and the Rehabilitation and Upgrade of Two parts of National Road No.1 for $50 million each. Lastly, the Benaco to Kyaka Transmission Line Project in Tanzania is funded for $13 million USD.
On this occasion, the CEO of SFD, H.E. Sultan Al-Marshad, said: « The SFD is proud to continue partnering with African countries by contributing to 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. » The SFD has funded over 400 sustainable development projects worth US$10.7 billion in 46 countries, accounting for 57% of its funding in developing countries.