The Saudi Fund for Development (SFD) celebrated here yesterday its 50th anniversary under the slogan “50 Years of Global Impact”.
Attending the event were Chairman of the Board of Directors of the King Faisal Center for Research and Islamic Studies (KFCRIS) Prince Turki AlFaisal bin Abdulaziz Al Saud, SFD Board of Directors Chairman Ahmed Aqeel Al-Khateeb, Islamic Development Bank Group Chairman Mohammed Sulaiman Al Jasser, World Bank Vice President for the Middle East and North Africa Region Ousmane Dione, Asian Development Bank Vice-President for Sectors and Themes Fatima Yasmin, dignitaries and senior officials from the Kingdom and other countries, ambassadors to Saudi Arabia, UN entities representatives, and heads of regional and international organizations.
In his opening speech, Al-Khateeb presented SFD’s development, and its successive accomplishments achieved under the directives of the wise leadership, stressing that the fund contributed to the well-being and progress of many developing societies
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He also pointed out the Kingdom’s achievements through SFD, attained by financing more than 800 development projects and programs in more than 100 developing countries, worth over $20 billion; the projects were implemented in various vital sectors, such as education, health, water, energy, agriculture, and transportation.
Al-Khateeb said that these developmental and humanitarian projects serve hundreds of millions of individuals and communities.
The health projects sponsored by the SFD had a significant impact on people in need of health care. SFD financed 77 projects that led to the establishment of 325 health facilities, with a capacity exceeding 25,000 beds, in 45 countries. The most prominent of these medical facilities is King Faisal Hospital in Rwanda, which performed the first of 32 kidney transplants in one year.
King Khalid University Hospital in Burundi also worked on raising the level of medical personnel and advancing health services in the region.
Al-Khateeb stressed the need to boost
cooperation and continue joint efforts to reach sustainable development around the world, pointing to the collaborations with funding partners, which led to financing 27 development projects and programs in 23 developing countries in 2023. He also stressed the need for further partnerships.
Meanwhile, Prince Turki said that the 50 years since SFD was established were an inspiring journey marked by wonderful achievements, and an enduring legacy left by the late King Faisal bin Abdulaziz.
He added that when asked in a press interview about his vision for the Kingdom of Saudi Arabia after 50 years King Faisal said that he viewed the Kingdom as a beacon for humanity.
The CEO of the SFD, Sultan Abdulrahman Al-Marshad, said: “As we celebrate five decades of SFD influential work, we are proud of our firm commitment to advancing sustainable development to achieve economic prosperity in various beneficiary countries. Our main goal is to ensure that these countries receive priority infrastructure services, includ
ing quality education and healthcare. Through this support, we also aim to facilitate access to basic services for cities and expand economic horizons and comprehensive trade exchanges. It is not just about funding; rather, it is about improving living conditions, creating sustainable vital opportunities, and building a better future for all.”
SFD signed on the occasion a new agreement with the Asian Development Bank to develop renewable energy infrastructure in the Solomon Islands, SFD’s first project there. The agreement aims to develop energy infrastructure through renewable sources, reducing reliance on traditional energy, and promoting sustainable development in the region, which supports broader economic and environmental goals in the region.
SFD has played an effective role in supporting development in Africa, where it financed 433 projects worth some $11.5 billion, including the Metolong Dam in the Kingdom of Lesotho.
SFD’s contribution to the dam reached $25 million; some 280,000 people benefit
from it. The project boosted renewable energy production, helped attain water security, and facilitated access to clean water in the region
Another project is the King Faisal Hospital project in of Rwanda, in which the first kidney transplant in the country was performed.
SFD development projects have had a tangible impact across Asia, with total financing amounting to some $7.8 billion for 271 development projects, including the Mohmand Dam Hydropower Project in Pakistan, which it financed with $240 million. The project improves energy and water supplies for daily consumption and agriculture, and saves the country from the risk of flooding. The dam also plays a vital role in enhancing Pakistan’s ability to produce clean and renewable energy, by increasing electricity production, generating 800 megawatts, in addition to storing approximately 1.6 million cubic meters of water to provide sustainable water resources, a major factor in Pakistan’s long-term development strategy.
In Latin America and the Cari
bbean, SFD has financed 21 development projects worth some $951 million. Among the most prominent projects is the rehabilitation and completion of the water, sewage and storm water drainage system in the central and western Havana area, in Cuba, to which the SFD contributed SAR35 million
SFD also helped rebuild St. Jude Hospital in Saint Lucia, contributing $75 million. This hospital provides high-quality health services to the community.
In Eastern Europe, SFD backed 14 development projects with cumulative funding of $303 million. The most important of these projects was the rehabilitation of infrastructure in Bosnia and Herzegovina, where SFD provided $73.8 million to rebuild vital roads and bridges, improve transportation and enhance economic activities in the region.
Source: Saudi Press Agency