Riyadh, Saudi Arabia – On October 7, 2024, the CEO of the Saudi Fund for Development (SFD), Mr. Sultan bin Abdulrahman Al-Marshad, signed a memorandum of cooperation with Dr. Fahad bin Saad Abu Mouti, the Head of the Founding Team of the Global Water Organization. This memorandum aims to establish a general framework for international development cooperation, leveraging the Fund’s extensive expertise in financing water projects worldwide to contribute to the achievement of sustainable development goals across various countries.
During the signing ceremony, Mr. Sultan Al-Marshad highlighted the significance of the agreement: “This memorandum reflects the Saudi Fund for Development’s efforts over the past 50 years in enhancing international cooperation in the field of water resource management and water security. This partnership will further facilitate the provision of innovative financing options to support critical water projects globally.”
Dr. Fahad Abu Mouti, representing the Global Water Organization, emphasized the importance of the collaboration: “This memorandum marks a significant step in strengthening mutual cooperation between the organization and the Fund. We are eager to implement joint projects and initiatives that will contribute to advancing sustainable development in the global water sector.”
It is worth noting that since 1975, the Saudi Fund for Development has played a pivotal role in financing more than 147 development projects and programs in the water sector, as well as other sectors related to water security, in numerous developing countries. These efforts, supported by developmental loans and grants, have amounted to over $6.1 billion. Additionally, the Fund has drilled and equipped more than 8,800 water facilities through the Saudi program for drilling wells and rural development in Africa, in line with its commitment to promoting global growth and prosperity.
