The Saudi Fund for Development (SFD) has signed a memorandum of cooperation (MoC) with of the Global Water Organisation. 

 

The MoC aims to establish a general framework for international development cooperation and to leverage the Fund's expertise in financing water projects worldwide, contributing to the achievement of sustainable development goals in various countries.

 

Sultan bin Abdulrahman Al-Marshad, CEO of SFD signed the MoC with Dr Fahad bin Saad Abu Mouti, the Head of the Founding Team of the Global Water Organisation.

 

Innovative financing

Al-Marshad stated: "This memorandum reflects SFD's efforts over the past 50 years to enhance international cooperation in the field of water resource management and water security. This partnership will enhance the provision of innovative financing options to support water projects.”

 

Abu Mouti said: "This memorandum represents an important step towards enhancing mutual cooperation between the organisation and the Fund. We look forward to implementing projects and initiatives that contribute to achieving sustainable development in the field of water globally."

 

Since 1975, SFD has contributed financing to more than 147 development projects and programmes in the water sector and other sectors related to water security in various developing countries around the world. This has been achieved through developmental loans and grants, amounting to over $6.1 billion. 

 

Additionally, the Fund has drilled and equipped more than 8,800 water facilities as part of the Saudi programme for drilling wells and rural development in Africa, in line with efforts aimed at contributing to global growth and prosperity.--TradeArabia News Service