The Saudi Fund for Development (SFD) entered into 17 development loan agreements with 13 countries globally in the fiscal year 2024, amounting to a total value of SAR3,701.75 million (SAR3.7 billion or $985.9 million). These loans are aimed at financing priority projects that bolster sustainable development and reinforce the Kingdom’s prominent role in delivering development assistance. According to the SFD’s 2024 Annual Report, the financing encompassed two loans in Africa worth SAR337.50 million, five loans in Asia and the Pacific totaling SAR1,147.50 million, four loans in Europe amounting to SAR821.75 million, and six loans in Latin America and the Caribbean valued at SAR1,395 million, the Saudi Press Agency (SPA) reported.
This expansion in 2024 also marked the Fund’s entry into five new countries: Saint Kitts and Nevis, El Salvador, Nicaragua, Dominica, and Serbia. Over the last five decades, the SFD has supported nearly 800 development projects and programs across 100 countries, with a total investment exceeding SAR81 billion, contributing to growth and prosperity while helping to build a better future.
Strategic investments in key sectors
Additionally, during 2024, the SFD demonstrated its commitment to strategic sectors by supporting a $101 million investment in hydropower projects in Pakistan and a $55 million loan aimed at strengthening the education sector in Turkiye. The Fund also extended a $5 million grant to support water infrastructure projects in Benin, underscoring its broad approach to sustainable development that spans multiple essential areas such as energy, education, and water resources. In Serbia, the SFD invested $75 million specifically in irrigation infrastructure, aligning with its focus on improving agricultural productivity and food security. The SFD operates as the official development arm of Saudi Arabia, having contributed over $20 billion to more than 800 projects across over 100 countries since its inception in 1974. This extensive portfolio highlights its role in advancing economic and social development worldwide, with efforts continuing even amidst geopolitical challenges and regional conflicts in 2024.
The Fund collaborates with numerous multilateral organizations, including the United Nations, World Bank, Islamic Development Bank, and other regional development entities, to enhance its global impact. The SFD’s role is particularly notable in providing official development assistance (ODA), where in recent years it accounted for nearly 44% of the Saudi government’s ODA disbursements, highlighting its central role in Saudi Arabia’s international development strategy. Its ongoing projects reflect a prioritization of low-income and least developed countries across diverse regions, positioning the SFD as a pivotal institution in multilateral development cooperation and Saudi Arabia’s Vision 2030 economic and social reform agenda.
