Saudi Fund provides over US$ 580 Mn in development loans to Africa

The Saudi Fund for Development (SFD) Chief Executive Officer, Sultan Al- Marshad, signed today, 14 new development loan agreements with 12 African ministers, worth over US$ 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, 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.

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