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

The Saudi Fund for Development (SFD) ( Chief Executive Officer, H.E. Sultan Al-Marshad, signed today, 14 new development loan agreements with 12 African ministers, worth over USD $580 million to fund projects in healthcare, water, education, and transportation sectors in Angola, Burkina Faso, Benin, Burundi, Cabo Verde, Guinea, Malawi, Mozambique, Niger, Rwanda, Sierra Leone, and Tanzania. The signing ceremony took place in the Saudi-Arab-African Economic Conference held in Riyadh, Kingdom of Saudi Arabia. 

In conjunction with the loan agreements signing, the SFD CEO signed a Memorandum of Understanding (MoU) with the African Finance Corporation’s CEO, Mr. Samaila Zubairu. This MoU 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 today include the Construction and Equipping of a Mother and Child Referral Hospital in Guinea for $75 million USD, a Riyadh Referral hospital in Sierra Leone for $50 million USD, Boarding Secondary Schools for Girls in Several Regions of Niger for $28 million USD, and the Construction of Higher College For Teacher Preparation And The Scientific Secondary School Project in Benin for $40 million USD. In addition, the agreements include the Rehabilitation of the King Khalid University Hospital in Bujumbura, Burundi for $50 million USD, the Manga Regional Hospital (Phase 2) in Burkina Faso for $17 million USD, and Watersheds in the Islands of Santiago, Saint Antao, and Boavista, Cabo Verde for $17 million USD.  

The SFD will fund the Catumbela Industrial Development Project (Phase 1) in Angola for $100 million USD, the Expansion of The Transmission and Distribution Water System in the East of Kigali, Rwanda for $20 million USD, and the Construction and Rehabilitation of the Mangochi-Makanjira Road in Malawi for $20 million USD. Other agreements include the Construction and Equipping of Five Hospitals in different regions of Mozambique for $50 million USD, the Construction of the Muera Dam in Mozambique for $50 million USD, the Rehabilitation and Upgrade of Two parts of National Road No. 1 in Mozambique for $50 million USD and lastly the Benaco to Kyaka Transmission Line Project in Tanzania for $13 million USD.  

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.  

Importantly, these 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. 

On this occasion, the CEO of SFD, H.E Sultan Al-Marshad, said: “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 since 1975, SFD has funded more than 800 development projects worth US$20 billion in over 100 countries around world. In Africa alone, SFD has financed over 400 projects worth US$10.7 billion in 46 countries. This accounts for 57% of SFD’s funding in developing countries worldwide. 

Distributed by APO Group on behalf of Saudi Fund for Development.

Media Contact:
Nawaf Alojrush 
Director, Media Relations