RIYADH, Saudi Arabia–(BUSINESS WIRE)–Sep. 03, 2024
The Saudi Fund for Development (SFD) celebrated its 50th anniversary in Riyadh today, under the theme “50 Years of Global Impact.” The event brought together key development partners to reflect on the SFD’s significant contributions to sustainable development worldwide. Over the past five decades, the SFD has allocated over $20 billion, financing more than 800 development projects and programs in vital sectors, including social infrastructure (education, healthcare, water and sewage, and housing and urban development), communication and transportation (roads, railways, airports and seaports), energy, agriculture, mining and industry, and others.
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Saudi Fund for Development Celebrates 50 Years of Global Impact with Over $20 Billion in Development Contributions (Photo: AETOSWire)
Since its inception in 1974, the SFD has been the international development arm of the Kingdom of Saudi Arabia and has provided critical support to over 100 developing nations around the world. With a strong focus on supporting countries to achieve the Sustainable Development Goals (SDGs), the SFD has played a pivotal role in driving sustainable development in Least Developed Countries (LDCs) and Small Island Developing States (SIDS).
During the event, SFD Chairman H.E. Ahmed Al-Khateeb emphasized the importance of collaboration in driving global development. He highlighted that SFD's success is deeply rooted in its partnerships, with 27 development projects and programs in 23 developing countries in 2023 co-financed with other funders. He also underscored the need to forge new partnerships and strengthen existing ones to create a world where every individual has the opportunity to reach their full potential.
Reflecting on this significant milestone, the SFD CEO , Mr. Sultan bin Abdulrahman Al-Marshad, stated: “As we celebrate five decades of impactful work, we are committed, now more than ever, to supporting developing countries on their journey to economic self-reliance and resilience. Our goal is to ensure that all children can go to school, that education is not a privilege but something every child should have access to, and that families have access to healthcare and basic vital services. Equally, we focus on critical infrastructure development, like building roads and enhancing airports and sea ports, so that countries can thrive and engage in economic activities and trade. This work is not just about financing; it’s about tangibly improving lives, creating opportunities, empowering communities, and building a more prosperous future.”
On the sidelines of the 50th Anniversary Gala, the SFD and the Asian Development Bank (ADB) signed a new $25 million agreement to co-finance a renewable energy development project in the Solomon Islands. This marks the first project for SFD in the Solomon Islands. The primary aim of the project is to develop renewable energy infrastructure, reduce dependency on fossil fuels, and promote sustainable development in the region.
This agreement builds on SFD’50 years of transformative impact through development projects that have spanned Africa, Asia and the Pacific, Latin America and the Caribbean, and Eastern Europe.
This includes key projects such as the Metolong Dam in Lesotho, which received $25 million in funding and now provides potable water to 280,000 people, enhancing water security and public hygiene and health in the region. This is just one of the 433 projects across Africa, with a total funding of $11.5 billion, which focuses on critical areas such as infrastructure and water security.
In Asia, the SFD has funded 271 projects with a total funding of $7.8 billion. One notable example is the SFD’s contribution to the Mohmand Dam Hydropower Project in Pakistan, which has an overall project cost of $240 million. The projects contributes to the country’s energy security and flood resilience by generating 800 megawatts of renewable energy and storing 1.6 million cubic meters of water.
In Latin America and the Caribbean, the SFD has financed 21 projects, totaling $951 million USD. This includes rehabilitating the Water and Sewage System in Havana, Cuba, where the SFD has allocated $35 million to enhance public infrastructure. Another significant initiative is the rebuilding of St. Jude Hospital in Saint Lucia, supported by $75 million funding, which will contribute to providing high-quality health services to citizens in a modern and sophisticated facility and providing sufficient medical supplies and equipment to support the effective operation of the hospital.
In Eastern Europe, the SFD has contributed to 14 projects with a total investment of $303 million. A key initiative is the construction of the Tirana-Elbasan-Chokos-Chalf-Ploce Road, where the SFD provided $73.8 million to rebuild essential roads and bridges, thereby boosting regional economic activities.
During the celebration, esteemed speakers shared insights on the SFD’s pivotal role in global development, and in championing critical partnerships and collective action and response. Keynote speakers included:
- HRH Prince Turki bin Faisal Al Saud, Founder and Trustee of the King Faisal Foundation
- H.E. Ahmed bin Aqeel Al-Khateeb, Chairman of the Board of Directors of the SFD
- H.E. Akinwumi Adesina, President of the African Development Bank Group
- H.E. Muhammad Al Jasser, Chairman of the Islamic Development Bank
These global development leaders emphasized the SFD’s commitment to fostering sustainable growth in countries and communities with the most pressing developmental needs.
The gala was attended by more than 500 people, including ministers, heads of regional and international organizations, ambassadors, representatives of the United and other distinguished guests.
As the SFD looks to the future, it reaffirms its mission and pledge to drive international development efforts, on behalf of the Kingdom of Saudi Arabia, and to contribute to global stability, social progress, and economic prosperity for future generations.
Note to editors
- For additional information, please reach out to us at media@sfd.gov.sa
- Access the media kit, including collateral from the anniversary, via the following link: media kit
*Source: AETOSWire
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