KUALA LUMPUR, Nov 11 (NNN-Bernama) — Chief Executive Officer (CEO) of Saudi Fund for Development (SFD) Sultan Al-Marshad on Thursday signed 14 new development loan agreements – worth over US$580 million – with 12 African ministers.
SFD in a statement said these agreements aim to fund projects in healthcare, water, education and transportation sectors in Angola, Burkina Faso, Benin, Burundi, Cabo Verde, Guinea, Malawi, Mozambique, Niger, Rwanda, Sierra Leone, and Tanzania.
The signing ceremony took place during the Saudi-Arab-African Economic Conference held in Riyadh.
In conjunction with the loan agreements signing, the SFD CEO also signed a memorandum of understanding (MoU) with the African Finance Corporation’s (AFC) CEO Samaila Zubairu.
The MoU will enable SFD to collaborate with AFC to identify, develop and co-finance infrastructure and industrial projects across the continent.
“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,” said the statement which was made available to Bernama by the Saudi Arabia Embassy in Malaysia.
The 14 development loan agreements signed include the Construction and Equipping of a Mother and Child Referral Hospital in Guinea for US$75 million, a Riyadh Referral hospital in Sierra Leone for US$50 million, Boarding Secondary Schools for Girls in Several Regions of Niger for US$28 million, and the Construction of Higher College For Teacher Preparation And The Scientific Secondary School Project in Benin for US$40 million.
In addition, the agreements include the Rehabilitation of the King Khalid University Hospital in Bujumbura, Burundi for US$50 million, the Manga Regional Hospital (Phase 2) in Burkina Faso for US$17 million, and Watersheds in the Islands of Santiago, Saint Antao, and Boavista, Cabo Verde for US$17 million.
The SFD will fund the Catumbela Industrial Development Project (Phase 1) in Angola for US$100 million, the Expansion of The Transmission and Distribution Water System in the East of Kigali, Rwanda, for US$20 million, and the Construction and Rehabilitation of the Mangochi-Makanjira Road in Malawi for US$20 million.
Other agreements include the Construction and Equipping of Five Hospitals in different regions of Mozambique for US$50 million, the Construction of the Muera Dam in Mozambique for US$50 million, the Rehabilitation and Upgrade of Two parts of National Road No. 1 in Mozambique for US$50 million and the Benaco to Kyaka Transmission Line Project in Tanzania for US$13 million.
SFD said these projects address a wide range of the United Nations Sustainable Development Goals 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.
— NNN-BERNAMA