The Saudi Fund for Development (SFD) commemorated on Sunday the 50th anniversary of its establishment, under the slogan “50 Years of Global Impact,” reported the Saudi Press Agency (SPA).
The ceremony was held in Riyadh, in the presence of the Chairman of King Faisal Center for Research and Islamic Studies, Prince Turki Al Faisal bin Abdulaziz; the Chairman of the Board of Directors, Ahmed Aqeel Al-Khateeb; the Chairman of the Islamic Development Bank (IsDB), Muhammed Al-Jasser; in addition to several senior officials, ambassadors, and UN representatives.
Impressive Successes
In his opening remarks, Al-Khateeb highlighted the SFD development efforts that have led to successive accomplishments, contributing to the prosperity and progress of many developing societies.
Saudi Arabia, through the SFD, has financed more than 500 development projects and programs in over 100 developing countries, with a total value exceeding $20bn. These projects involved various vital sectors such as education, healthcare, water, energy, agriculture, transportation and more.
According to Al-Khateeb, the SFD projects have developmental and humanitarian aspects that touch the lives of millions of people across many societies. He noted that the biggest share of the SFD’s financing has gone to healthcare projects, with the Fund providing finance to 77 projects in 45 countries.
SFD Partnerships
Moreover, Al-Khateeb emphasized the importance of strengthening cooperation and enhancing joint efforts in sustainable development worldwide. He also pointed to the crucial role of partnerships in the SFD’s achievements.
In 2023, the Saudi Fund for Development collaborated with a group of financers in financing 27 development projects and programs in 23 developing countries.
On the sidelines of the ceremony, the SFD signed a new agreement with the Asian Development Bank to develop renewable energy infrastructure in Solomon Islands, the first project for the Fund in the country.
SFD Development Projects
Furthermore, the Saudi Fund for Development showcased its projects across the continents. In Africa, the SFD has financed 433 projects, valued at $11.5bn. In Asia, the SFD’s financing totaled $7.8bn across 271 development projects.
Meanwhile, the SFD has financed 21 projects in Latin America and the Caribbean, with a total value of $951mn. The Fund has also financed 14 projects, valued at $303mn, across Eastern Europe.
Since its establishment in 1974, the SFD has made great efforts in international development. Over 5 decades, the SFD has financed more than 800 development projects and programs across various vital sectors in over 100 developing countries, with a value exceeding $20bn, to foster economic prosperity in these countries.
