Saudi Fund to Finance Key Central Africa Infrastructure Projects

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The Saudi Fund for Development (SFD) said it has signed a development loan agreement with Republic of Central Africa, for its key infrastructure projects including runway works at Bangui Airport and construction of a 250-bed hospital.

This additional loan follows a previous loan agreement made, through which SFD initially contributed $77 million to help fund the same project.

The agreement marks a continuation of SFD’s existing relationship with the Republic of Central Africa, and contributes towards the realization of the United Nations’ Sustainable Development Goals (SDGs), specifically SDG 3, Good Health and Wellbeing, SDG 8, Decent Work and Economic Growth, and SDG 9, Industry, Innovation and Infrastructure. 

It was signed by SFD Chief Executive Officer Sultan Al Marshad and Prime Minister and Minister of State in Charge of Economy, Planning, and International Corporation of the Republic of Central Africa, Felix Moloua on the sidelines of the 2023 World Bank Group – IMF Annual Meetings in the Moroccan city of Marrakech.

As per the deal, SFD is contributing $20 million to fund the “Completion of a Number of Projects Within the Reconstruction Program.

According to SFD, the signing of additional loan agreement consists of two major components, both of which will be carried out in the nation’s capital, Bangui. 

The first component involves the completion of the runway works of Bangui Airport, which will make important contributions towards promoting socio-economic development, create job opportunities for the local population, and vastly improve the airport’s navigational traffic.

The second component is the construction and equipping of a 250-bed hospital in Bangui, which will meet the country’s needs for health services, and will have an impact on reducing maternal and newborn infant mortality rates. 

Since its establishment in 1974, SFD has helped to fund more than 400 development projects and programs in various sectors worth $10.7 billion, across 46 countries in Africa.

Source: Trade Arabia