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The Saudi Fund for Development (SFD) has signed deals worth around SR2.175billion ($580 million) to fund various projects in Africa.
The 14 development loan agreements that were signed with 12 African ministers during the Saudi-Arab-African Economic Forum on Thursday, cover projects in healthcare, water, education and transportation sectors, the fund confirmed.
The projects include hospitals, roads, schools and water facilities in African countries that include Mozambique, Niger, Burkina Faso, Benin, Guinea, Sierra Leone, Burundi, Malawi, Tanzania, Cabo Verde, Rwanda and Angola.
Some of the projects
In Mozambique, the deals include the construction of Muera Dam Project worth SAR187.5 million, construction and equipping of five hospitals worth another SAR187.5 million and rehabilitation and upgrade of two sections of a national road, which is also worth SAR187.5 million.
Around SAR105 million will go to the construction of schools in several regions in Niger, while SAR63.75 million will support the Manga Regional Hospital Project in Burkina Faso. In Benin, around SAR150 million will support the construction of Higher College for Teacher Preparation and the Scientific Secondary School Project.
The development loan agreements will “contribute to the overall prosperity of the continent,” the fund said on social media.
Also, during the forum, the fund signed a memorandum of understanding (MoU) with Africa Finance Corporation (AFC) to expand SFD’s $10.7 billion of development support in Africa.
“The MoU … signals the intent of AFC and SFD to coordinate in identifying, developing and co-financing infrastructure and development projects across the continent,” SFD said in a separate statement.
(Writing by Cleofe Maceda; editing by Seban Scaria)
