Riyadh Event Celebrates Milestone Achievements and Announces New Renewable Energy Project
The Saudi Fund for Development (SFD) commemorates its 50th anniversary with a grand celebration in Riyadh, showcasing five decades of transformative impact and unveiling a new project aimed at advancing global sustainability. Under the theme “50 Years of Global Impact,” the event gathered key development partners and dignitaries to reflect on the SFD’s substantial contributions to international development.
Celebrating a Legacy of Impact
Since its founding in 1974, the SFD has played a crucial role in global development, allocating over $20 billion to more than 800 projects worldwide. These projects have spanned essential sectors such as social infrastructure, including education, healthcare, water, and housing; transportation, including roads, railways, airports, and seaports; energy; agriculture; and industry. The SFD has focused particularly on supporting countries in achieving the Sustainable Development Goals (SDGs), making significant strides in Least Developed Countries (LDCs) and Small Island Developing States (SIDS).
Strengthening Global Partnerships
At the event, SFD Chairman H.E. Ahmed Al-Khateeb highlighted the importance of partnerships in driving global development. “Our achievements are deeply rooted in our collaborative efforts. In 2023, we partnered on 27 development projects spanning 23 countries, Al-Khateeb highlighted. He stressed the importance of both forging new partnerships and strengthening existing ones to ensure a world where every individual can reach their full potential.
A Future-Forward Commitment
Reflecting on the milestone, SFD CEO Mr. Sultan bin Abdulrahman Al-Marshad reaffirmed the organisation’s commitment to development. “As we celebrate this landmark, we are more dedicated than ever to supporting developing countries on their path to economic self-reliance and resilience. Our mission is to ensure that every child has access to education, healthcare, and essential services. We also prioritise essential infrastructure initiatives, including road and airport development, which are crucial for stimulating economic growth and facilitating trade, Al-Marshad added. He emphasized that the SFD’s work extends beyond financial contributions to making a tangible difference in the lives of communities worldwide.
New Initiatives and Global Contributions
Coinciding with the anniversary celebrations, the SFD formalised a new $25 million partnership with the Asian Development Bank (ADB) to co-finance a renewable energy initiative in the Solomon Islands. This initiative marks the SFD’s first venture in the Solomon Islands and aims to reduce dependence on fossil fuels while promoting sustainable development in the region.
The SFD’s global impact is evident in numerous projects, including:
- Metolong Dam, Lesotho: A $25 million investment aimed at enhancing water security and supplying clean drinking water to 280,000 individuals.
- Mohmand Dam Hydropower Project, Pakistan: $240 million allocated to enhance energy security and flood resilience through the generation of 800 megawatts of renewable energy.
- Water and Sewage System Rehabilitation, Havana, Cuba: $35 million allocated for public infrastructure upgrades in Havana, Cuba.
- St. Jude Hospital Rebuilding, Saint Lucia: $75 million to modernise healthcare facilities and provide quality medical services.
- Tirana-Elbasan-Chokos-Chalf-Ploce Road, Eastern Europe: $73.8 million invested in reconstructing essential roads and bridges to boost regional economic activities.
Celebrating with Visionary Leaders
The anniversary gala featured speeches from esteemed global leaders, including HRH Prince Turki bin Faisal Al Saud, H.E. Ahmed bin Aqeel Al-Khateeb, H.E. Akinwumi Adesina, and H.E. Muhammad Al Jasser. Their remarks underscored the SFD’s pivotal role in fostering sustainable growth and addressing critical developmental needs.
With over 500 attendees, including ministers, ambassadors, and distinguished guests, the gala highlighted the SFD’s ongoing mission to drive international development, contribute to global stability, and promote economic prosperity for future generations.
