Saudi Fund for Development Signs Additional $20 Million Development Loan Agreement to Fund Infrastructure Projects in the Republic of Central Africa

MARRAKECH, Morocco--(BUSINESS WIRE)--The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, signed today an additional development loan agreement with the Prime Minister and Minister of State in Charge of Economy, Planning, and International Corporation of the Republic of Central Africa, H.E. Felix Moloua, through which SFD is contributing $20 million USD to fund the “Completion of a Number of Projects Within the Reconstruction Program.” The signing took place on the sidelines of the 2023 World Bank Group - IMF Annual Meetings in the city of Marrakech, Morocco.

This additional loan follows a previous loan agreement made, through which SFD initially contributed $77 million to help fund the same project.

The signing of today’s additional loan agreement consists of two major components, both of which will be carried out in the nation’s capital, Bangui. The first component of the agreement involves the completion of the runway works of Bangui Airport, which will make important contributions towards promoting socio-economic development, create job opportunities for the local population, and vastly improve the airport’s navigational traffic.

The second component of the agreement is the construction and equipping of a 250-bed hospital in Bangui, which will meet the country’s needs for health services, and will have an impact on reducing maternal and newborn infant mortality rates. It will also play a key role in improving both the supply and quality of healthcare of the population, ensuring its accessibility to a greater percentage of the local population.

The additional development loan agreement contributes towards realizing the UN Sustainable Development Goals (SDGs), specifically SDG 3, Good Health and Wellbeing, SDG 8, Decent Work and Economic Growth, and SDG 9, Industry, Innovation and Infrastructure.

Since its establishment in 1974, SFD has helped to fund more than 400 development projects and programs in various sectors worth $10.7 billion USD, across 46 countries in Africa, as part of its commitment to supporting sustainable development in developing countries worldwide. This accounts for over 57.06% of SFD’s total funding in developing countries around the world. In Central Africa, SFD has financed five development projects worth over $109 million USD, contributing to the development of a range of vital industries and fields enhancing prosperity and economic growth.

*Source: AETOSWire