The Saudi Fund for Development (SFD) has inked a $83 million loan agreement with El Salvador for funding the development of a water treatment and biogas power generation project using water from the Acelhuate river in El Salvador.
The SFD CEO Sultan bin Abdulrahman Al-Marshad and El Salvador’s Minister of Finance Jerson Posada signed the agreement in the presence of Alexandra Hill Tinoco, El Salvador’s Minister of Foreign Affairs, and other officials.
The project aims to treat wastewater that currently flows into the Acelhuate river and produce biogas for renewable electricity generation. Expected to benefit over 1.2 million people, the project will significantly increase El Salvador’s renewable energy capacity, contribute to its sustainability efforts, and advance progress towards several sustainable development goals (SDGs), including clean water and sanitation, and affordable and clean energy.
In addition, the agreement underscores the SFD’s commitment to supporting developing countries in overcoming challenges to their development plans. Moreover, it highlights the importance of international cooperation and solidarity in achieving sustainable development and fostering inclusive and sustainable growth in beneficiary countries.
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In addition to the loan agreement, Al-Marshad also inked an agreement with the country’s minister of foreign affairs, which aims to facilitate developmental cooperation, projects and programs in El Salvador.
Since its launch in 1975, the Saudi Fund has committed to creating diverse development opportunities. Hence, it contributes to enhancing social and economic growth in developing countries, improving living conditions, enabling advancements in knowledge and capacity building, and providing job opportunities for millions of beneficiaries.
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