The Saudi Fund for Development (SFD) and the Africa Finance Corporation (AFC) have signed a memorandum of understanding (MoU) aimed at jointly financing sustainable infrastructure projects across Africa.
The MoU, inked during the Saudi-Arab-African Economic Conference in Riyadh, is aimed at expanding the SDF’s development kitty from the current USD 10.7 billion.
Read more: Legacy media’s SOS: Why Kenyan established players face a digital dilemma
“The signing of this MoU with the Africa Finance Corporation is a significant step forward in collaborating to finance sustainable and impactful infrastructure projects across Africa. Together, we will work to unify our efforts in delivering development projects that will have a positive impact on boosting economic growth and improving the quality of life for millions of people across the continent,” stated Sultan Al-Marshad, CEO of SFD
This collaboration brings together two institutions known for their focus in addressing Africa’s critical infrastructure needs. The SFD in Africa has financed more than 400 projects across 46 countries, amounting to USD 10.7 billion, covering vital sectors such as agriculture, energy, industry, transportation, and social infrastructure.
While the Africa Finance Corporation (AFC) has an investment track record of USD 12.7 billion in projects spanning 36 African countries.
“With our shared passion to elevate Africa’s instrumental role as an engine of global growth, we are delighted to be partnering with SFD, whose considerable resources have played a positive role in accelerating economic development in Africa. It is essential for development finance institutions to work diligently together to deliver novel solutions that address the volatile landscape and challenging economic conditions we are facing today.” said Samaila Zubairu AFC President & CEO
Read more: Standard Group addresses debts, salaries amid months-long pay crisis
According to data by the Africa Development Bank the continent needs infrastructure financing of up to USD 170 billion per year by 2025 if its to overhaul and build new infrastructure while remaining competitive in the global economy.
Email your news TIPS to editor@thesharpdaily.com
