Riyadh:The Saudi Fund for Development (SFD) has committed to bolstering global development by signing 13 loan agreements amounting to SAR1.77 billion with 11 developing countries in the fiscal year 2025. This initiative is aimed at financing projects that align with sustainable development goals and affirm Saudi Arabia's leadership in international development finance.
According to Saudi Press Agency, the SFD's annual report highlights that Suriname, the Solomon Islands, and Barbados have joined the fund's portfolio for the first time. The distribution of loans spans various regions, with the Asia-Pacific receiving six loans totaling SAR855 million. Latin America and the Caribbean secured three loans worth SAR422.62 million, Africa received two loans amounting to SAR368.28 million, and Europe also received two loans totaling SAR120 million.
Social infrastructure projects were the main focus, receiving seven loans that comprise 62.8% of the total, amounting to SAR1.11 billion. The energy sector followed with three loans worth SAR337.5 million, transport and communications received two loans totaling SAR176.25 million, and agriculture was allocated one loan of SAR143.29 million.
Notably, nine loans to eight countries, valued at SAR1.32 billion, were co-financed in collaboration with partners such as the Islamic Development Bank, the OPEC Fund for International Development, the Asian Development Bank, and the beneficiary governments. The combined cost of these projects reached SAR4.97 billion, with co-financed loans representing nearly 75% of the year's lending. Over the past fifty years, the fund has extended 808 development loans totaling SAR83.26 billion to 101 developing countries.