Saudi’s SFD to contribute $10m towards development projects in Asia

The Saudi Fund for Development (SFD) and Asian Infrastructure Investment Bank (AIIB) have signed a $10m Contribution Agreement provided by Saudi Arabia through the fund, to support the Special Fund Window for Less Developed Members.

The signing took place on the sidelines of the Eighth Annual Meeting of the Board of Governors of the AIIB, held in Sharm El-Sheikh, Egypt.

The contribution agreement signed aims to support the AIIB in bridging the financial gap for projects in the infrastructure and other vital sectors in less developed countries

It will deliver major developmental benefits for the future of Asia, and is an investment for the people, and for the region’s long-term prosperity.

SFD focused on funding development projects

In line with its mission to promote global sustainable development since 1975, the fund has supported more than 700 development projects worth $18.7bn billion in over 90 countries around the world.

In recent news, the SFD‘s CEO Sultan Al-Marshad signed its first development loan agreement worth $75m with the Prime Minister and Minister for Finance, Economic Development and Youth Economy of Saint Lucia Philip Joseph Pierre, to fund the reconstruction and rehabilitation of St. Jude Hospital.

This agreement is part of the fund’s efforts to support sustainable development in developing countries and small island developing states.