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The Saudi Fund for Development (SFD) and the World Bank Group have signed a pivotal memorandum of understanding (MoU) to advance international development cooperation and promote sustainable growth in emerging economies. The agreement was formalized by SFD Chief Executive Sultan Abdulrahman Al-Marshad and World Bank President Ajay Banga during the 2024 annual meetings of the International Monetary Fund (IMF) and the World Bank.
The MoU marks a significant collaboration involving 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).
Key Objectives and Focus Areas
The partnership aims to enhance cooperation through knowledge sharing and co-financing projects targeting critical global challenges. A primary focus will be on strengthening water and food security in regions most affected by climate change and fragility. Additionally, the MoU emphasizes:
Transitioning to renewable energy sources.
Enhancing transport and cross-border infrastructure to foster regional integration.
Supporting digital infrastructure and the development of the digital economy.
Building institutional capacity to drive sustainable development.This agreement expands the long-standing relationship between the SFD and the World Bank Group, reaffirming their commitment to addressing urgent development needs in vulnerable communities.
A Legacy of Global Impact
Since its inception in 1974, the SFD has supported sustainable development projects across 100 countries in Africa, Asia and the Pacific, Latin America and the Caribbean, and Eastern Europe. To date, the SFD has financed more than 800 projects worth $20 billion, covering diverse sectors including social infrastructure, transportation, agriculture, energy, and industry.
As the Kingdom of Saudi Arabia’s official development arm, the SFD remains dedicated to fostering inclusive growth, economic prosperity, and social progress in beneficiary countries.
This MoU further aligns with the SFD’s mission to collaborate with global partners to accelerate progress towards achieving sustainable development goals worldwide. |
