Saudi Fund for Development Celebrates 50th Anniversary

During the 50th anniversary celebration of the Saudi Fund for Development (SFD) in Riyadh, Dr. Akinwumi Adesina, President of the African Development Bank Group, commended Saudi Arabia for its substantial contributions to development projects across Africa, totaling over $5.3 billion across 407 projects in 41 sub-Saharan countries. The SFD has financed critical initiatives ranging from irrigation and energy-producing dams to healthcare and educational infrastructure. Adesina highlighted the Fund's unique approach, which prioritizes countries' needs with an 'unlimited territorial scope', distinguishing it from other development partners. SFD Chairman H.E. Ahmed Al-Khateeb emphasized the importance of partnerships for the Fund's success, having co-financed 27 projects in 2023 alone. The anniversary also marked a new $25 million agreement with the Asian Development Bank to support renewable energy in the Solomon Islands, showcasing SFD's global impact. This landmark event reflects the deepening relationship between Saudi Arabia and Africa, as evidenced by the recent Saudi-Africa Summit attended by over 40 African leaders.