The Saudi Fund for Development (SFD) and the UK’s Foreign, Commonwealth and Development Office (FCDO) have signed a joint cooperation arrangement (JCA) endeavoring to advance development and address policy issues of mutual concern.
The two parties will also focus on effectively delivering the international development agenda of their respective organizations while strengthening their capacities to better respond to overseas development needs.
The goals and objectives outlined in the joint cooperation arrangement include providing support for the world’s poorest and most vulnerable people through improved donor coordination, enhanced transparency and aid accountability, and effective monitoring and evaluation.
On this occasion, UK’s Deputy Foreign Secretary and Minister of State Rt Hon. Andrew Mitchell MP said that, “It is vitally important that we get the Sustainable Development Goals back on track by 2030; our collective commitment has waned in recent years, the time is now to turn the tide on this. Our partnership, and shared resolve, with our friends in Saudi Arabia is a welcome step that we must keep momentum on.”
SFD CEO Sultan bin Abdulrahman Al-Marshad noted that, “We are pleased to embark on this JCA with the UK’s Foreign, Commonwealth, and Development Office. This partnership is a strong reflection of our mutual dedication to strengthen the global development system. We are hopeful that this partnership will help improve the lives of millions of people around the world and enhance the quality of life for those who most need it.”
Since 1975, SFD has financed over 800 development projects and programs, worth over $20 billion, in over 100 developing countries. The programs and projects covered sectors such as transportation and communications, social infrastructure, agriculture, energy, industry, and mining. The fund has played a key role in helping to improve living standards, advance socio-economic development, and provide employment opportunities for millions of beneficiaries around the world.
