Saudi Fund for Development Signs Agreement with Asian Infrastructure Investment Bank to Support Less Developed Countries

SFD signing with AIIB

SHARM EL-SHEIKH, EGYPT, October 2, 2023 /EINPresswire.com/ — Saudi Fund for Development Signs a Contribution Agreement with the Asian Infrastructure Investment Bank to Support Less Developed Countries

The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad signed with the Asian Infrastructure Investment Bank (AIIB) Vice President of Policy and Strategy, Sir Danny Alexander, a US $10 million Contribution Agreement provided by the Kingdom of Saudi Arabia through SFD, to support the Special Fund Window for Less Developed Members. The signing took place on the sidelines of the Eighth Annual Meeting of the Board of Governors of the AIIB, held in Sharm El-Sheikh, Egypt.

The agreement marks a step forward in the strategic partnership between the Kingdom of Saudi Arabia through SFD and the AIIB. The contribution signed today, aims to support the AIIB in bridging the financial gap for projects in the infrastructure and other vital sectors in less developed countries; additionally, it will help deliver major developmental benefits for the future of Asia, and is an investment for the people, and for the region’s long-term prosperity.

In line with its mission to promote global sustainable development since 1975, SFD has funded more than 700 development projects worth US$18.7 billion in over 90 countries around world. This latest contribution reaffirms the importance of international cooperation and solidarity to achieve sustainable development goals and foster economic and social growth around the world.

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About the Saudi Fund for Development

The Saudi Fund for Development (SFD) is a government entity that provides soft development loans and grants to finance development projects and programs in developing countries. Since 1975, SFD has financed over 700 infrastructure projects in 88 countries across various sectors such as transportation and communications, social infrastructure, agriculture, energy, industry and mining, and others. The projects support generating socio-economic development and help to improve the living standards of disadvantaged communities in countries most in need. SFD’s activities are aligned with the international development principles and contribute towards realizing the UN’s Sustainable Development Goals. Moreover, it unifies its efforts in development support through partnerships and cooperation with regional and international organizations.

https://www.sfd.gov.sa/en

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