The Saudi Fund for Development (SFD) celebrated its 50th anniversary yesterday in Riyadh, under the theme “50 Years of Global Impact.” The event highlighted the SFD’s extensive contributions to sustainable development worldwide, including significant investments in hydropower and dam projects.
Since its establishment in 1974, the SFD has been the international development arm of Saudi Arabia, providing over $20 billion in funding for more than 800 projects and programs across critical sectors. Among these, the development of hydropower and dams has been a prominent focus, helping countries manage water resources, generate renewable energy, and enhance resilience to climate impacts.
SFD Chairman H.E. Ahmed Al-Khateeb underscored the importance of partnerships in SFD’s success, noting that in 2023 alone, the SFD co-financed 27 projects in 23 developing countries alongside other international funders. “Our success is deeply rooted in our partnerships,” he said, emphasizing the need to strengthen collaborations to create a future where sustainable development is within reach for all.
Reflecting on SFD’s achievements, CEO Mr. Sultan bin Abdulrahman Al-Marshad remarked, “As we celebrate five decades of impactful work, we are committed, now more than ever, to supporting developing countries on their journey to economic self-reliance and resilience. This work is not just about financing; it’s about tangibly improving lives, creating opportunities, empowering communities, and building a more prosperous future.”
Major projects financed by the Saudi Fund for Development
A highlight of the event was the signing of a new $25 million agreement between the SFD and the Asian Development Bank (ADB) to co-finance a renewable energy development project in the Solomon Islands. This marks SFD’s first venture in the Solomon Islands, aimed at reducing reliance on fossil fuels through the development of renewable energy infrastructure.
Over the past 50 years, SFD’s investments have spanned Africa, Asia, the Pacific, Latin America, the Caribbean, and Eastern Europe. Notable among these is the Metolong Dam in Lesotho, a $25 million investment that now provides potable water to 280,000 people, significantly improving water security, public health, and hygiene in the region. This project is one of 433 across Africa, where SFD’s $11.5 billion funding has targeted essential infrastructure and water management initiatives.
In Asia, SFD has funded 271 projects, totalling $7.8 billion, with significant investments in hydropower. A key example is the Mohmand Dam Hydropower Project in Pakistan, a $240 million venture that contributes to the country’s energy security by generating 800 megawatts of renewable energy and storing 1.6 million cubic meters of water. This project not only bolsters energy production but also enhances flood resilience, crucial for Pakistan’s climate adaptation efforts.
In Latin America and the Caribbean, SFD’s 21 projects, amounting to $951 million, include the rehabilitation of the Water and Sewage System in Havana, Cuba, with a $35 million allocation to upgrade public infrastructure. In Saint Lucia, the $75 million rebuilding of St. Jude Hospital aims to provide high-quality healthcare services in a modern facility, enhancing the country’s health sector infrastructure.
SFD’s commitment extends to Eastern Europe, where it has invested $303 million across 14 projects. Among these, the $73.8 million Tirana-Elbasan-Chokos-Chalf-Ploce Road project in Albania showcases SFD’s role in rebuilding essential transport links, thereby boosting regional economic activities.
The anniversary celebration featured keynote addresses from prominent development leaders, including HRH Prince Turki bin Faisal Al Saud, H.E. Ahmed bin Aqeel Al-Khateeb, H.E. Akinwumi Adesina, President of the African Development Bank Group, and H.E. Muhammad Al Jasser, Chairman of the Islamic Development Bank. They lauded SFD’s efforts in championing sustainable growth and addressing the developmental needs of the world’s most vulnerable regions.
The event, attended by over 500 dignitaries including ministers, heads of international organizations, and ambassadors, reinforced SFD’s pledge to continue driving international development on behalf of Saudi Arabia. Looking ahead, the SFD remains dedicated to fostering global stability, social progress, and economic prosperity through targeted investments in critical infrastructure, including hydropower and dam projects, which are vital to the sustainable future of many developing nations.
