SFD Signs USD 25 Mn Deal with ADB for RE Project in Solomon Islands
The Saudi Fund for Development (SFD) has signed a USD 25 million deal with the Asian Development Bank (ADB) to co-finance a new renewable energy project in the Solomon Islands. This initiative aims to reduce the islands' dependence on fossil fuels, promote sustainable development, and marks SFD's first project in the region.
September 04, 2024. By EI News Network
This initiative marks SFD’s first venture in the island nation, as it seeks to help the archipelago transition away from its dependence on fossil fuels and towards more sustainable energy sources.
By investing in clean energy infrastructure, SFD aims to promote sustainable development across the Solomon Islands. The agreement with ADB also aligns with SFD’s broader strategy of creating a transformative impact through development initiatives. Over the years, SFD has financed multiple projects in Africa, Asia and the Pacific, Latin America and the Caribbean, and Eastern Europe, highlighting its commitment to fostering economic resilience in developing regions.
The deal was signed during SFD's 50th Anniversary Gala held in Riyadh, recently. At the event, SFD Chairman Ahmed Al-Khateeb shared that, in 2023 alone, the fund co-financed 27 development initiatives across 23 developing countries, collaborating with a range of financial partners.
Reflecting on the fund’s achievements, SFD CEO Sultan bin Abdulrahman Al-Marshad underscored the organisation’s dedication to empowering developing countries. "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," he stated.
Al-Marshad also emphasised the fund’s focus on critical infrastructure development—such as building roads and upgrading airports and seaports—to foster economic growth, enhance trade, and improve the quality of life in these countries. "This work is not just about financing; it’s about tangibly improving lives, creating opportunities, empowering communities, and building a more prosperous future," he added.
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