Saudi Fund for Development and Africa Finance Corporation Join Hands to Finance Sustainable and Impactful Projects

During the Saudi-Arab-African Economic Conference (#SAAEC2023) held in Riyadh on 9 November 2023, the Saudi Fund for Development (SFD) and the Africa Finance Corporation (AFC) signed an MoU to boost the financing of sustainable and impactful projects in Africa.

Created in 1975, SFD has provided financing of USD 20 billion to over 800 projects in more than 100 countries worldwide, with more than half of the amount going to Africa. In particular, SFD has financed over 400 projects across 46 African countries to the tune of nearly USD 11 billion. On the other hand, AFC has invested nearly USD 13 billion across Africa since its inception.

SFD Financing for Africa

“The SFD is committed to supporting sustainable development in Africa. The signing of this MoU with the Africa Finance Corporation is a significant step forward in collaborating to finance sustainable and impactful infrastructure projects across Africa. Together, we will work to unify our efforts in delivering development projects that will have a positive impact on boosting economic growth and helping to improve the quality of life for millions of people across the continent.”

SFD CEO Sultan Al-Marshad

The MoU aims to reinforce coordination between the two leading Development Finance Institutions (#DFI) in Africa to identify, develop and co-finance development projects in Africa. The targeted sectors include agriculture, energy, mining, industry, social infrastructure, transportation and logistics. The agreement reaffirms the commitment and solidarity of two DFIs to cooperate in order to achieve the UN #SDG and to realize the AU #Agenda2063.

“With our shared passion to elevate Africa’s instrumental role as an engine of global growth, we are delighted to be partnering with SFD, whose considerable resources have played a positive role in accelerating economic development in Africa, It is essential for Development Finance Institutions to work diligently together to deliver novel solutions that address the volatile landscape and challenging economic conditions we are facing today.”

AFC President & CEO Samaila Zubairu.