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Porto-Novo, February 9, 2024, 
The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed today in the Republic of Benin, a Memorandum of Understanding (MOU) with Benin’s Minister of Economy and Finance, H.E. Romuald Wadagni, to allocate a generous US$5 million Grant, provided by the Kingdom of Saudi Arabia through the Saudi Fund for Development, to support the implementation of the 5th phase of the Saudi Program for Drilling of Wells and Rural Development in the Republic of Benin. 
The MoU aims to further support the Republic of Benin, among other African countries, to overcome the effects of drought by providing more than 37 villages in rural areas with potable water through drilling wells. In addition, the grant will support the supply of tanks and a network of extensions to distribute water and deliver it to beneficiaries across the villages and rural areas. The project will contribute to the growth and prosperity of the infrastructure sector, provide access to water and food security, maintain public health, and reduce environmental pollution, to help achieve the Sustainable Development Goals, specifically SDG 6, Clean Water and Sanitation. 
SFD’s development cooperation with the Republic of Benin started since 2008. Over the years, SFD has provided soft loans to finance six development projects and programs worth more than US$145 million. These projects helped support many sectors, including water sanitation, healthcare, education, transportation, energy and others. Furthermore, the Kingdom of Saudi Arabia through SFD, has allocated two generous grants worth US$8 million to the Republic of Benin, to support water security, provide water resources, and reduce the effects of drought. These grants are part of the fourth and fifth phases of the Saudi Program for Drilling Wells and Rural Development in Africa.