Saudi Fund for Development (SFD) has signed a memorandum of cooperation with the Global Water Organization (GWO) to support water developmental projects worldwide.
According to the Saudi Press Agency (SPA), the agreement aims to create a general framework for international cooperation to leverage the fund’s expertise in financing water projects and achieve sustainable development goals in various countries.
The partnership was signed by SFD CEO Sultan Al-Marshad and the Head of the GWO’s founding team, Dr. Fahad Abu Mouti, on Monday, October 7.
Al-Marshad stated that the current deal mirrors SFD’s efforts over the past 50 years in boosting international cooperation in water resource management and water security.
“This partnership will further provide innovative financing options to support water projects and sustainability,” Al-Marshad said.
In the same context, Abu Mouti has described the deal as “a significant step” toward expanding cooperation between SFD and GWO.
“We look forward to implementing projects and initiatives designed to achieve water sustainable development globally,” Abu Mouti added.
Through developmental loans and grants amounting to over $6 billion, SFD has financed more than 147 development projects and programs in the water sector in numerous developing countries around the world Since 1975.
As part of the Saudi program for drilling wells and rural development in Africa, the Fund has also drilled and equipped more than 8,800 water facilities.
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