Saudi Fund for Development Marks Five Decades Of Global Impact, Financing Over US$20 Bln Projects

KUALA LUMPUR, Sept 4 (Bernama) -- The Saudi Fund for Development (SFD) has celebrated its 50th anniversary in Riyadh, bringing together key development partners to reflect its significant contributions to sustainable development worldwide.

Over the past five decades, SFD has allocated over US$20 billion, financing more than 800 development projects and programmes in vital sectors, including social infrastructure communication and transportation, energy, agriculture, as well as mining and industry. (US$1=RM4.36)

During the event, SFD Chairman, Ahmed Al-Khateeb emphasised the importance of collaboration in driving global development and highlighted that SFD's success is deeply rooted in its partnerships, with 27 development projects and programmes in 23 developing countries in 2023 co-financed with other funders.

bootstrap slideshow

In a statement, 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.

Meanwhile, its Chief Executive Officer, Sultan bin Abdulrahman Al-Marshad said: “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.

“This work is not just about financing; it is about tangibly improving lives, creating opportunities, empowering communities, and building a more prosperous future.”

bootstrap slideshow

On the sidelines of the 50th Anniversary Gala, SFD and the Asian Development Bank (ADB) signed a new US$25 million agreement to co-finance a renewable energy development project in the Solomon Islands, with aims 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.

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.

-- BERNAMA