The CEO of the Saudi Fund for Development (SFD) Sultan bin Abdulrahman Al-Marshad signed on May 3 a Memorandum of Understanding (MoU) with the Foreign Minister of the Republic of El Salvador to foster the developmental cooperation and financing the developmental projects in El Salvador, reported SFD.
The signing ceremony took place at the Fund’s headquarters in Riyadh with the attendance of the Saudi Ambassador to Mexico and Non-Resident Ambassador to El Salvador, Haitham bin Hassan Al-Malki and the Ambassador of El Salvador to Saudi Arabia Ricardo Ernesto Cucalon Levy.
The MoU comes as an integral part of the framework of the Fund’s developmental efforts to enhance the growth of vital opportunities in various developing countries and achieve the international prosperity.
The deal is a central step towards financing a project for water treatment and biogas energy generation through the waters of the Acelhuate River, taking advantage of a development loan from the SFD.
In February 2024, El Salvador’s Congress voted to approve an $83 million loan to the government, which will be granted by Saudi Development Fund and used to install a biogas power plant.
According to the request of El Salvador’s Ministry of Finance, the 83 million dollars will be transferred to the Executive Hydroelectric Commission of the Lempa River. The loan will be assigned to a developmental project called “Installation of an Electricity Generation Plant with Biogas on the Acelhuate River”.
It is worth mentioning that SFD has a long history of supporting the promising developmental projects since 1975. Over the past 49 years, the Fund has provided financing for more than 800 development projects and programs with a total of over $20 billion in more than 100 developing countries. It has contributed to enhancing the social and economic growth worldwide.
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