The Saudi Fund for Development celebrated its 50th anniversary in Riyadh this week, under the theme 50 Years of Global Impact. The event brought together key development partners to reflect on the SFD’s significant contributions to sustainable development worldwide.
The gala was attended by more than 500 people, including ministers, heads of regional and international organizations, ambassadors and other state representatives from around the world.
Over the past five decades, the SFD has allocated over USD20 billion, financing more than 800 development projects and programs in vital sectors, including social infrastructure (education, healthcare, water and sewage, and housing and urban development), communication and transportation (roads, railways, airports and seaports), energy, agriculture, mining and industry, and others.
Since its inception in 1974, the SFD has been the international development arm of the Kingdom of Saudi Arabia and has provided support to over 100 developing nations around the world. With a strong focus on supporting countries to achieve the Sustainable Development Goals (SDGs), the SFD has played a pivotal role in driving sustainable development in Least Developed Countries (LDCs) and Small Island Developing States (SIDS).
During the event, SFD Chairman H.E. Ahmed Al-Khateeb emphasized the importance of collaboration in driving global development. He highlighted that SFD’s success is deeply rooted in its partnerships, with 27 development projects and programs in 23 developing countries in 2023 co-financed with other funders. He also underscored the need to forge new partnerships and strengthen existing ones to create a world where every individual has the opportunity to reach their full potential.
Reflecting on this significant milestone, SFD CEO Sultan bin Abdulrahman Al-Marshad says that access to public services and infrastructure development are at the forefront of their objectives.
“we are committed to supporting developing countries on their journey to economic self-reliance and resilience. Our goal is to ensure that all children can go to school, that education is not a privilege and that families have access to healthcare and basic vital services. Equally, we focus on critical infrastructure development so that countries can thrive and engage in economic activities and trade. This work is not just about financing; it’s about tangibly improving lives, creating opportunities, empowering communities, and building a more prosperous future,” says Al-Marshad.
On the sidelines of the 50th Anniversary Gala, the SFD and the Asian Development Bank (ADB) signed a new USD25 million agreement to co-finance a renewable energy development project in the Solomon Islands. This marks the first project for SFD in the Solomon Islands. The primary aim of the project is to develop renewable energy infrastructure, reduce dependency on fossil fuels, and promote sustainable development in the region.
This agreement builds on SFD’50 years of transformative impact through development projects that have spanned Africa, Asia and the Pacific, Latin America and the Caribbean, and Eastern Europe.
This includes key projects such as the Metolong Dam in Lesotho, which received USD25 million in funding and now provides potable water to 280,000 people, enhancing water security and public hygiene and health in the region. This is just one of the 433 projects across Africa, with a total funding of USD11.5 billion, which focuses on critical areas such as infrastructure and water security.
In Asia, the SFD has funded 271 projects with a total funding of USD7.8 billion.
One notable example is the SFD’s contribution to the Mohmand Dam Hydropower Project in Pakistan, which has an overall project cost of USD240 million. The projects contributes to the country’s energy security and flood resilience by generating 800 megawatts of renewable energy and storing 1.6 million cubic meters of water.
In Latin America and the Caribbean, the SFD has financed 21 projects, totalling USD951 million USD. This includes rehabilitating the Water and Sewage System in Havana, Cuba, where the SFD has allocated USD35 million to enhance public infrastructure.
Another significant initiative is the rebuilding of St. Jude Hospital in Saint Lucia, supported by USD75 million funding, which will contribute to providing high-quality health services to citizens in a modern and sophisticated facility and providing sufficient medical supplies and equipment to support the effective operation of the hospital.
In Eastern Europe, the SFD has contributed to 14 projects with a total investment of USD303 million. A key initiative is the construction of the Tirana-Elbasan-Chokos-Chalf-Ploce Road, where the SFD provided USD73.8 million to rebuild essential roads and bridges, thereby boosting regional economic activities.
