The Saudi Fund for Development (SFD) marked its 50th anniversary under the theme “50 Years of Global Impact.”
The event was graced by notable attendees, including Prince Turki AlFaisal bin Abdulaziz Al Saud, chairman of the Board of Directors of the King Faisal Center for Research and Islamic Studies (KFCRIS); Ahmed Aqeel Al-Khateeb, chairman of the SFD Board; Mohammed Sulaiman Al Jasser, chairman of the Islamic Development Bank Group; Ousmane Dione, World Bank vice president for the Middle East and North Africa; Fatima Yasmin, vice-president for Sectors and Themes at the Asian Development Bank; along with other dignitaries and officials from the Kingdom and abroad, ambassadors to Saudi Arabia, representatives from UN entities, and leaders of regional and international organizations.
As we celebrate 50 years of @SaudiFund_Dev , we also celebrate the Kingdom’s impact as a visionary champion of sustainable development worldwide. Inspired by our leadership, we remain committed to supporting meaningful projects that make a difference around the world. https://t.co/OHHXCXmMuP
— Ahmed Al Khateeb Ø£Øمد الخطيب (@AhmedAlKhateeb) September 1, 2024
Achievements and impact
In his opening address, Al-Khateeb highlighted the SFD’s evolution and its significant milestones achieved under wise leadership. He emphasized the fund’s contributions to improving the quality of life and progress in numerous developing societies, SPA reported.
Financial contributions
He noted that the Kingdom has financed over 800 development projects and programs across more than 100 developing countries, amounting to over $20 billion. These initiatives span critical sectors such as education, health, water, energy, agriculture, and transportation. Al-Khateeb stated that these projects have positively impacted hundreds of millions of individuals and communities.
Health initiatives
The health initiatives funded by the SFD have made a remarkable difference for those in need of medical care. The SFD has financed 77 projects, resulting in the establishment of 325 health facilities with a combined capacity of over 25,000 beds in 45 countries. Notably, King Faisal Hospital in Rwanda successfully performed 32 kidney transplants within a year, while King Khalid University Hospital in Burundi has enhanced medical training and healthcare services in the region.
Strengthening collaboration
Moreover, Al-Khateeb emphasized the importance of strengthening collaboration and sustaining joint efforts to achieve global sustainable development. He highlighted partnerships with funding collaborators that have led to the financing of 27 projects in 23 developing countries in 2023, underscoring the need for further alliances.
Legacy of vision
Furthermore, Prince Turki remarked that the past 50 years of the SFD’s existence have been a remarkable journey filled with significant achievements, paying tribute to the enduring legacy of the late King Faisal bin Abdulaziz. He recalled King Faisal’s vision for Saudi Arabia as a “beacon for humanity” when asked about the Kingdom’s future in a press interview.
Commitment to sustainable development
Additionally, Sultan Abdulrahman Al-Marshad, CEO of the SFD, stated, “As we celebrate five decades of impactful work, we take pride in our unwavering commitment to promoting sustainable development and economic prosperity in beneficiary countries. Our primary objective is to ensure these nations receive essential infrastructure services, including quality education and healthcare. Our efforts aim to enhance access to basic services for urban areas and expand economic opportunities and trade. It’s not merely about funding; it’s about improving living conditions and creating sustainable opportunities for a better future for all.”
New initiatives
During the celebration, the SFD signed a new agreement with the Asian Development Bank to develop renewable energy infrastructure in the Solomon Islands, marking its inaugural project in the country. This agreement seeks to enhance energy infrastructure through renewable sources, reducing dependence on traditional energy and advancing sustainable development goals in the region.
Contributions to Africa and Asia
The SFD has significantly contributed to development in Africa, financing 433 projects worth around $11.5 billion, including the Metolong Dam in Lesotho, with a contribution of $25 million that benefits approximately 280,000 people. This project has further enhanced renewable energy production, improved water security, and facilitated access to clean water.
In Rwanda, the SFD’s King Faisal Hospital project enabled the country’s first kidney transplant.
In Asia, the SFD’s development projects have had a profound impact, with total financing reaching about $7.8 billion for 271 initiatives, including the Mohmand Dam Hydropower Project in Pakistan, which received $240 million in funding. This project enhances energy and water supplies for daily use and agriculture while mitigating flood risks. The dam is crucial for increasing Pakistan’s clean energy production, generating 800 megawatts and storing around 1.6 million cubic meters of water to support sustainable water resources, key to the country’s long-term development strategy.
Read more: Saudi Fund’s contribution to Oman’s economy exceeds SAR11 bn over 46 years
Projects in Latin America and the Caribbean
In Latin America and the Caribbean, the SFD has financed 21 development projects totaling approximately $951 million, including the rehabilitation of water, sewage, and stormwater drainage systems in central and western Havana, Cuba, with a contribution of SAR35 million. Additionally, the SFD aided in the reconstruction of St. Jude Hospital in Saint Lucia, investing $75 million to enhance health services for the community.
Support in Eastern Europe
In Eastern Europe, the SFD supported 14 development projects with total funding of $303 million, notably providing $73.8 million for the rehabilitation of infrastructure in Bosnia and Herzegovina, improving vital roads and bridges, enhancing transportation, and bolstering economic activity in the region.
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