Saudi Fund for Development inked $985m loan deals across 13 nations in 2024: annual report

21/08/2025 03:15 AST

The Saudi Fund for Development signed 17 loan agreements worth SR3.7 billion ($985 million) with 13 countries in 2024, backing projects across Africa, Asia, Europe and Latin America.

The financing included two loans in Africa totaling SR337.5 million, five in Asia and the Pacific amounting to SR1.15 billion, four in Europe worth SR821.75 million, and six in Latin America and the Caribbean valued at SR1.395 billion, according to SFD's 2024 Annual Report.

The fund's efforts are in line with its goal of supporting development in emerging economies by providing loans and technical assistance to finance studies and strengthen institutional capacity.

This comes as SFD has financed nearly 800 projects and programs across more than 100 countries over the past five decades, with a total value exceeding SR81 billion.

In the annual report, Saudi Minister of Tourism Ahmed Al-Khateeb, who also chairs SFD, stated: "We at the fund look forward to a sustainable future in which we continue to progress and succeed in providing support and sustainable development to developing countries to achieve more growth and prosperity to contribute to building a better future for their peoples."

The report further noted that the agreements marked the fund's 2024 expansion into five new countries: Saint Kitts and Nevis, El Salvador, Nicaragua, Dominica, and Serbia.

In the first nine months of 2024, SFD supported several initiatives worldwide, including a $101 million investment for the Shounter and Jagran-IV hydropower projects in Pakistan, a $55 million loan to bolster Turkiye's education sector, and a $5 million grant for a water project in Benin.

The momentum continued into 2025, with the fund signing $92.7 million in loan agreements in July to boost water, housing, infrastructure, and health projects in Barbados.

Also in July, SFD allocated $32 million to strengthen social infrastructure in Bosnia and Herzegovina, targeting science, technology, and higher education.

This included $19 million for the construction of a Science and Technology Park and $13 million for a new student dormitory at the Borisa Starovic Public Institution Student Center in Foca, in the country's southeast.

SFD's vision is to serve as a comprehensive and strategic partner for sustainable economic development in developing countries worldwide.

Arab News