The Saudi Fund for Development (SFD) has allocated over $20 billion, financing more than 800 development projects and programmes in vital sectors around the world over the last 50 years.
Celebrating its 50th anniversary in Riyadh under the theme "50 Years of Global Impact", SFD brought together key development partners to reflect on the SFD’s significant contributions to sustainable development worldwide.
Over the past five decades, the SFD projects included 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.
Critical support
Since its inception in 1974, the SFD has been the international development arm 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).
SFD Chairman Ahmed Al-Khateeb emphasised 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, SFD CEO, 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.
Infrastructure development
“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, 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.
271 projects in Asia
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 project contributes to the country’s energy security and flood resilience by generating 800 megawatts of renewable energy and storing 1.6 million cubic metres of water.
In Latin America and the Caribbean, the SFD has financed 21 projects, totalling $951 million. 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.
Pivotal role
During the celebration, 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:
•Prince Turki bin Faisal Al Saud, Founder and Trustee of the King Faisal Foundation
•Ahmed bin Aqeel Al-Khateeb, Chairman of the Board of Directors of the SFD
•Akinwumi Adesina, President of the African Development Bank Group
•Muhammad Al Jasser, Chairman of the Islamic Development Bank
These global development leaders emphasised the SFD’s commitment to fostering sustainable growth in countries and communities with the most pressing developmental needs.--TradeArabia News Service
