Saudi Fund for Development Partnership with International Aid Agencies to Boost Economic Development in Ethiopia

Within the presence of the Ethiopian Prime Minister, Dr. Abiy Ahmed, a delegation from the Saudi Fund for Development (SFD) signed two loan agreements worth $140 million with the Ethiopian Government to boost economic development, create vital infrastructure and tackle water poverty in the country.

The first loan was made in partnership with other international agencies including the World Bank, the UK Department for International Development (DFID) and UNICEF and will deliver a water, sanitation and hygiene program (WASH) to rural and urban areas in Ethiopia. The partnership will provide communities across Ethiopia with access to clean water and sanitation and demonstrates the Fund’s commitment to strengthen prosperity in East Africa.

The second loan will contribute towards the construction of a 118km road linking the town of Motta with the city of Debre Markos in the north west of the country as part of an Ethiopian government’s program to develop the transport sector and expand the regional road network. Once operational, the road will help to facilitate the flow of trade between towns and cities, contributing to the development of the local economy.

The Vice-Chairman and Managing Director of SFD, H.E. Dr. Khaled bin Sulaiman Al Khudairy said, “SFD and the Government of Ethiopia have a long record of investing in successful development projects in critical sectors such as infrastructure and energy. The new WASH project will have far-reaching benefits, and our second agreement with the Ethiopian government will provide a loan towards an important new road. We hope the new projects will ensure that the people of Ethiopia are given the opportunities to not only better their futures, but their communities’ futures too.”

SFD is one of Africa’s largest contributors to sustainable development aid, leading the way to promoting stability and prosperity in the region since 1975. To date, SFD has contributed financial assistance to 424 development projects in 46 African countries, boosting economic growth, investing in critical infrastructure and stimulating economic prosperity. SFD is aligned with Saudi Arabia’s Vision 2030 and its goals of building prosperity and providing socio-economic support to developing nations.

Source: AETOSWire