The Saudi Fund for Development (SFD) has signed a Memorandum of Understanding (MoU) with the World Bank Group to strengthen international development cooperation and advance sustainable development.
The partnership seeks to enhance cooperation through the exchange of knowledge and co-financing projects, with an emphasis on strengthening water and food security, particularly in regions vulnerable to climate change and fragility.
The agreement was formalized by Sultan Abdulrahman Al-Marshad, CEO of the SFD, and Ajay Banga, President of the World Bank Group, on the sidelines of the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C.
The landmark MoU involves all five institutions within the World Bank Group: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA).
The MoU also highlights fostering regional integration by elevating cross-border infrastructure. Key initiatives include promoting transition to renewable energy sources, enhancing transport infrastructure, supporting digital infrastructure and the development of the digital economy, and building institutional capacity.
This agreement represents an important expansion of the long-standing relationship between the SFD and the World Bank Group, reinforcing both organizations’ commitment to funding development projects and programs in countries and communities with the greatest needs.
Furthermore, the MoU falls in line with SFD’s broader mission to collaborate with global partners and institutions to drive inclusive, sustainable growth and accelerate economic prosperity and social progress in beneficiary countries.
Since 1974, the SFD has been committed to supporting sustainable development globally, touching hundreds of millions of lives across 100 countries in Africa, Asia and the Pacific, Latin America and the Caribbean, and Eastern Europe.
As the official development arm of Saudi Arabia, the SFD has financed over 800 development projects with a total funding of $20 billion across diverse sectors such as social infrastructure, transportation, agriculture, energy, industry and mining and more.
