The Saudi Fund for Development (SFD) today (November 9) announced signing of development loan agreements worth over $580 million with 12 African nations - Angola, Burkina Faso, Benin, Burundi, Cabo Verde, Guinea, Malawi, Mozambique, Niger, Rwanda, Sierra Leone, and Tanzania - for the construction of new dams, hospitals, schools and universities.
The agreements, inked at the Saudi-Arab-African Economic Conference held in Riyadh, Kingdom of Saudi Arabia, were liked to development projects in healthcare, water, education, and transportation sectors in the African continent.
These were for the Construction and Equipping of a Mother and Child Referral Hospital in Guinea for $75 million; a Riyadh Referral hospital in Sierra Leone for $50 million; Boarding Secondary Schools for Girls in Several Regions of Niger for $28 million and the Construction of Higher College For Teacher Preparation And The Scientific Secondary School Project in Benin for $40 million.
In addition, the agreements include the Rehabilitation of the King Khalid University Hospital in Bujumbura, Burundi for $50 million, the Manga Regional Hospital (Phase 2) in Burkina Faso for $17 million and Watersheds in the Islands of Santiago, Saint Antao, and Boavista, Cabo Verde for $17 million.
The SFD revealed that it will fund the Catumbela Industrial Development Project (Phase 1) in Angola for $100 million, the Expansion of The Transmission and Distribution Water System in the East of Kigali, Rwanda for $20 million and the Construction and Rehabilitation of the Mangochi-Makanjira Road in Malawi for $20 million.
Other agreements include the Construction and Equipping of Five Hospitals in different regions of Mozambique for $50 million, the Construction of the Muera Dam in Mozambique for $50 million, the Rehabilitation and Upgrade of Two parts of National Road No. 1 in Mozambique for $50 million and lastly the Benaco to Kyaka Transmission Line Project in Tanzania for $13 million.
SFD Chief Executive Officer Sultan Al Marshad said these agreements and the MoU will have a positive impact on the lives of millions of people in different regions across Africa by improving access to healthcare, education, water, transportation, and economic opportunities, stimulating economic growth, and creating jobs.
In conjunction with the loan agreements signing, Al Marshad also signed a MoU with the African Finance Corporation's CEO Samaila Zubairu.
This deal will enable SFD to collaborate with AFC to identify, develop, and co-finance infrastructure and industrial projects across the continent.
Importantly, these projects address a wide range of the UN Sustainable Development Goals (SDGs), priorities, including poverty, health, education, gender equality, water and sanitation, decent work, economic growth, industry, innovation, infrastructure, inequality reduction, sustainable cities and communities, and climate change.
"SFD is proud to continue in partnering with African countries through contributing towards supporting development projects that will have a tangible impact on the lives of millions of people," noted Al Marshad.
"With these new agreements and MoU, we are taking a step further towards a brighter and more equitable Africa. By contributing to healthcare, education, water, and transportation projects, we are supporting the empowerment of millions of people to reach their full potential and build a more sustainable and economically prosperous continent for future generations," he added.-
TradeArabia News Service