<\/p>\n
Parallel financing planned in strategic sectors;\u00a0Memorandum of understanding signed today at the Saudi-Arab-African Economic Conference to expand SFD\u2019s $10.7 billion of development support in Africa.<\/em><\/p>\n<\/p>\n In a milestone for strengthened bilateral ties between the Kingdom of Saudi Arabia and Africa, the Saudi Fund for Development (SFD) and Africa Finance Corporation (AFC), the continent\u2019s leading infrastructure solutions provider, today announced the signing of a memorandum of understanding (MoU) to jointly finance sustainable and impactful infrastructure projects across Africa.<\/p>\n The MoU, signed on the afternoon of the Saudi-Arab-African Economic Conference in Riyadh, Kingdom of Saudi Arabia (KSA), signals the intent of AFC and SFD to coordinate in identifying, developing, and co-financing infrastructure and development projects across the continent.<\/p>\n The collaboration brings together two of the foremost entities behind innovative financing to close Africa\u2019s critical infrastructure gap. In line with its mission to promote global sustainable development, SFD has funded more than 800 development projects worth US$20 billion in over 100 countries around world. In Africa alone, SFD has financed over 400 projects in 46 countries worth US$10.7 billion, accounting for 57% of its funding in developing countries worldwide, and supporting sectors including agriculture, energy, industry, transportation, and social infrastructure.<\/p>\n AFC\u2019s solutions-first approach has produced an investment track record of US$12.7 billion in projects across 36 African countries that combine impact-at-scale with superior risk-adjusted returns. AFC\u2019s community of sovereign member nations has now expanded to span three-quarters of African countries. Backed by the continent\u2019s third highest credit rating of A3 (Moody\u2019s), the AFC with its partners is the biggest investor and developer in many of the continent\u2019s iconic projects in the ports, logistics, industries, special economic zones, and renewable energy sectors.<\/p>\n “The SFD is committed to supporting sustainable development in Africa,\u201d said H.E. Sultan Al-Marshad, CEO of SFD. \u201cThe 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 helping to improve the quality of life for millions of people across the continent.”<\/p>\n \u201cWith our shared passion to elevate Africa\u2019s 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,\u201d said AFC President & CEO, Samaila Zubairu. \u201cIt 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.\u201d<\/p>\n The MoU lays a foundation to support African countries in achieving sustainable development. The MoU also reaffirms the importance of international cooperation and solidarity to achieve the Sustainable Development Goals and foster economic and social growth, particularly in Africa.<\/p>\n Distributed by APO Group on behalf of Africa Finance Corporation (AFC).<\/i><\/p>\n Media Enquiries:<\/strong> Gavin Serkin Nawaf Alojrush About AFC:<\/strong> Sixteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 42 member countries and has invested US$12.7 billion across Africa since inception.\u00a0www.AfricaFC.org<\/strong><\/a><\/p>\n<\/p>\n About Saudi Fund for Development:<\/strong> Since 1975, SFD has financed over 800 development projects worth US$20 billion in over 100 countries around world across various sectors such as transportation and communications, social infrastructure, agriculture, energy, industry and mining, and others. The projects support generating socio-economic development and help to improve the living standards of disadvantaged communities in countries most in need. SFD’s activities are aligned with the international development principles and contribute towards realizing the UN’s Sustainable Development Goals. Moreover, it unifies its efforts in development support through partnerships and cooperation with regional and international organizations.<\/p>\n Source<\/a> Parallel financing planned in strategic sectors;\u00a0Memorandum of understanding signed today at the Saudi-Arab-African Economic Conference to expand SFD\u2019s $10.7 billion of development support in Africa. In a milestone for strengthened bilateral ties between the Kingdom of Saudi Arabia and Africa, the Saudi Fund for Development (SFD) and Africa Finance Corporation (AFC), the continent\u2019s leading infrastructure […]<\/p>\n","protected":false},"author":11,"featured_media":161873,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/www.africa-newsroom.com\/files\/large\/811f31a927e52a0","fifu_image_alt":"","footnotes":""},"categories":[4262],"tags":[258,256,4263,5988,5989,13716,7829,5111,257,6536,9388,254,6059],"class_list":["post-161872","post","type-post","status-publish","format-standard","has-post-thumbnail","category-angola","tag-africa","tag-africa-news","tag-angola-news","tag-corporation","tag-development","tag-drive","tag-finance","tag-fund","tag-news","tag-partner","tag-saudi","tag-south-africa-today","tag-sustainable"],"fifu_image_url":"https:\/\/www.africa-newsroom.com\/files\/large\/811f31a927e52a0","_links":{"self":[{"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/posts\/161872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/comments?post=161872"}],"version-history":[{"count":0,"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/posts\/161872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/media\/161873"}],"wp:attachment":[{"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/media?parent=161872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/categories?post=161872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/tags?post=161872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nYewande Thorpe
\nCommunications
\nAfrica Finance Corporation
\nMobile : +234 1 279 9654
\nEmail\u00a0: yewande.thorpe@africafc.org<\/a><\/p>\n<\/p>\n
\nNew Markets Media & Intelligence
\nTelephone: +44 20 3478 9710
\nEmail: gserkin@newmarkets.media<\/a><\/p>\n<\/p>\n
\nMedia Relations
\nSaudi Fund for Development
\nEmail: alojrush@sfd.gov.sa<\/a><\/p>\n
\nAFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. AFC\u2019s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa\u2019s infrastructure development needs and drive sustainable economic growth.<\/p>\n<\/p>\n
\nThe Saudi Fund for Development (SFD) is a government entity that provides soft development loans and grants to finance development projects and programs in developing countries.<\/p>\n<\/p>\n
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South Africa Today Africa \u2013 Southern Africa Angola<\/a> News<\/p>\n","protected":false},"excerpt":{"rendered":"