https://arab.news/vr5pb
RIYADH: Emerging African economies are poised to receive a funding boost for growth initiatives following a deal involving the Saudi Fund for Development, aiming to foster sustainable progress.
The memorandum of understanding, signed with the African Development Bank Group, aims to promote mutual objectives and activities for sustainable international development between the two parties, the Saudi Press Agency reported.
This initiative aligns with SFD’s objective to enhance both social and economic growth by creating diverse opportunities.
Moreover, the newly signed agreement aims to facilitate the exchange of knowledge and experiences while advocating for optimal co-financing strategies. It will also support the attainment of sustainable development goals and optimize the impact of these initiatives.
Additionally, the MoU also aims to enhance collaboration in pursuit of shared goals that promote the expansion of crucial opportunities in diverse beneficiary African nations, ultimately contributing to global prosperity for the most impoverished and least developed communities.
Since 1975, SFD has played a significant role in strengthening sustainable development in emerging economies on a global level.
It focuses on improving living conditions, fostering knowledge development, capacity building, and providing job opportunities for individuals.
The fund has provided support and financing for over 800 projects and development programs, with a total value exceeding $20 billion.
These initiatives included a wide range of development and essential sectors that directly impact populations in over 100 developing countries.
In January 2023, the SFD ventured into the Caribbean region by signing an $80 million financing agreement for the expansion of the University of the West Indies at Five Islands in Antigua and Barbuda.
This funding was intended to be used to achieve sustainable development goals in the Caribbean, while also promoting scientific innovation and adding additional educational facilities to the university.
The financing agreement also included constructing seven energy-efficient buildings to accelerate the sustainability journey.
In May 2023, the fund signed two development loan agreements with Saint Vincent and the Grenadines, another country in the Caribbean.
The $6 million agreement was intended to fund the construction of a primary care center to improve the quality and resilience of the healthcare sector in the island nation. Additionally, the $10 million agreement was allocated to construct a cultural center and a market for craft and agricultural products in Belle Vue.
In August 2023, SFD laid the foundation stone to kick off the construction of the Mangoky Bridge in Madagascar, an island country lying off the southeastern coast of Africa.
For this project, the fund contributed $20 million as a soft loan, while the construction works also received assistance from institutions and development funds in the Arab Coordination Group and the government of Madagascar.
Upon completion, the Mangoky Bridge will connect the Atsimo-Andrefana and Menabe regions in Madagascar, and it is also expected to reduce the travel time between these two destinations, thus facilitating local farmers to get their produce to the market.