HomeRenewable energy ›Saudi Development Fund Provides USD 100 Million Loan for Rogun Hydropower Project

Saudi Development Fund Provides USD 100 Million Loan for Rogun Hydropower Project

The signing was attended by the Ambassador of the Kingdom of Saudi Arabia to the Republic of Tajikistan, HE Waleed Al-Reshiadan, and the Ambassador of Tajikistan to Saudi Arabia, HE Akram Karimi, along with other officials from both sides.

December 08, 2023. By News Bureau

The CEO of the Saudi Fund for Development (SFD), HE Sultan Al-Marshad, signed a new development loan agreement with the Minister of Finance of the Republic of Tajikistan, HE Kahhorzoda Fayziddin Sattor, through which the SFD contributes USD 100 million to the financing of the Rogun Hydropower Project, a landmark initiative that will improve the country's energy, food and water security, while also promoting its development sustainable.

The signing was attended by the Ambassador of the Kingdom of Saudi Arabia to the Republic of Tajikistan, HE Waleed Al-Reshiadan, and the Ambassador of Tajikistan to Saudi Arabia, HE Akram Karimi, along with other officials from both sides.

The SFD development loan will help create a more sustainable and equitable food and water future for Tajikistan, while driving the country's energy transition and climate resilience.

The project aims to contribute to national energy security and promote sustainable development in the Republic of Tajikistan by providing renewable electricity supply to meet local demand and expand electricity production nationally and regionally, generating 3,600 MW of energy. The loan agreement will also finance the construction of a 335 meter high dam, which will improve irrigation capacities and strengthen agricultural activities across the country.

Furthermore, the project will improve flood protection through the construction of four hydraulic diversion and drainage tunnels. It will also provide clean, drinkable water to the population through desalination and contribute to socio-economic development, directly and indirectly creating jobs.

It is important to underline how the project also supports the realization of the United Nations Sustainable Development Goals (SDGs); in particular SDG 2 (Zero Hunger), SDG 6 (Clean Water and Sanitation) and SDG 7 (Clean and Affordable Energy).

On this occasion, the Chief Executive Officer of the SFD, HE Sultan Al-Marshad, said: "Today's signing marks a milestone in our shared journey towards a more sustainable future. With this major development loan, the SFD not only strengthens Tajikistan's energy future, but also the sustainable development of the country and the well-being of its people. The Rogun Hydropower Project is a beacon of hope for a bright future, powered by clean and renewable energy. It will push Tajikistan towards environmental stewardship and prosperity."

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