Saudi Fund for Development Provides Over $580 Million in Development Loans to African Countries for Key Vital Projects

RIYADH, Saudi Arabia--(BUSINESS WIRE)--The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, signed 14 new development loan agreements worth $580m with 12 African ministers to fund projects in Angola, Burkina Faso, Benin, Burundi, Cabo Verde, Guinea, Malawi, Mozambique, Niger, Rwanda, Sierra Leone, and Tanzania at Saudi-Arab-African Economic Conference in Riyadh.

SFD CEO also signed a Memorandum of Understanding (MoU) with the African Finance Corporation which will enable SFD to collaborate 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, 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. In addition, the agreements include 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.

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, 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 and lastly the Benaco to Kyaka Transmission Line Project in Tanzania 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 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.”

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.

*Source: AETOSWire