Riyadh, October 26. 2021

The Saudi Fund for Development (SFD)’s CEO, Sultan bin Abdulrahman Al-Marshad, today received at his office in Riyadh Director General of the Arab Bank for Economic Development in Africa (BADEA) Dr. Sidi Ould Al-Tah.

During the meeting, the two parties discussed the bilateral cooperation between SFD and BADEA to finance development projects in the developing countries in Africa.

BADEA has been a strategic partner of SFD since 1975, as they co-financed 108 development projects in 31 African countries. The total costs of these projects are estimated at $9.34 billion. SFD and BADEA jointly financed a project for electricity transmission and distribution (first phase)  in a number of governorates in Benin.

BADEA was established by a decision of the Sixth Arab Summit Conference in Algeria in 1973 and began its operations in March 1975. BADEA is a financial institution funded by the member states of the Arab League and aims to support the economic and technical cooperation between the Arab and African regions, and to develop Arab countries’ export to African countries.

SFD is one of the most prominent entities in providing sustainable development assistance. Since its establishment in 1975, SFD has supported more than 694 projects in 84 countries around the world. SFD seeks to achieve the stability and prosperity in the developing countries.