Seychelles: The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, signed two new development loan agreements with the Minister of Finance, National Planning and Trade of the Republic of Seychelles, Hon. Naadir Hassan, through which SFD is contributing $25 million to fund the “Social Housing Project” and the “Reconstruction of La Digue School Project”.
Attending the signing ceremony were the Minister of Education of Seychelles, Hon. Justin Valentin and the CEO of the Seychelles Infrastructure Agency, Mr. Jitesh Sha, alongside other officials from each side.
The first development loan agreement, worth $15 million USD to fund the “Social Housing Project”, will provide housing units at low prices, as an option for low-income families. The project will contribute to social equality and help to improve the living standards for the local population. Some of the sites will also include public facilities and services, rainwater drainage, and sewage works. The project is expected to make important contributions towards promoting greater inclusiveness among local communities.
The second development loan agreement, worth $10 million USD, to fund the “Reconstruction of La Digue School Project”, will help to provide a modern educational environment in the Seychelles by adding new facilities to La Digue School, while also reconstructing the school’s existing buildings. Among the new external facilities being built are a multi-purpose playground for sports activities, an open-air amphitheater, bicycle parking areas, and sewage works.
These latest development loan agreements mark a continuation of SFD’s existing relationship with the Seychelles, and contribute towards the realization of the United Nations’ Sustainable Development Goals (SDGs), specifically SDG 4, Quality Education, SDG 10, Reduced Inequalities, and SDG 11, Sustainable Cities and Communities.
On this occasion, the Minister of Finance, National Planning and Trade of the Republic of Seychelles, Hon. Naadir Hassan, stated: “The government of Seychelles is grateful to the Saudi Fund for Development for the continued support. These two new loan agreements are proof that the government, with the support of the Fund, is investing in its people. Investing in our people is investing in their future and the future of our country. Once again, we are grateful to the Saudi Fund for Development for supporting the government of Seychelles in this endeavor.”
On his part, the CEO of the Saudi Fund for Development, H.E Sultan Al-Marshad, said: “Access to quality education and housing are basic human needs that are necessary for a decent, fulfilling life. The SFD is proud to be a partner in the development of Seychelles, and we hope that these latest projects will make a significant contribution to improving the lives of many in the country.”
The SFD is committed to supporting sustainable development in the developing countries and Small Island Developing States (SIDS) worldwide. With decades of expertise since its establishment in 1974, it has implemented more than 700 development projects worth $18.7 billion USD in over 90 countries worldwide. Across Africa, SFD has helped to fund more than 400 development projects and programs in various sectors worth $10.7 billion USD, across 46 countries. This accounts for over 57% of SFD’s total funding in developing countries around the world.
About the Saudi Fund for Development
The Saudi Fund for Development (SFD) is a government entity that provides soft development loans and grants to finance development projects and programs in developing countries.
Since 1975, SFD has financed over 700 infrastructure projects in over 90 countries across various sectors such as transportation and communications, social infrastructure, agriculture, energy, industry and mining, and others. The projects support generating socio-economic development and help to improve the living standards of disadvantaged communities in countries most in need. SFD's activities are aligned with the international development principles and contribute towards realizing the UN's Sustainable Development Goals. Moreover, it unifies its efforts in development support through partnerships and cooperation with regional and international organizations.