Riyadh, Friday, May 3, 2024 

Today, His Excellency the Chief Executive Officer of the Saudi Fund for Development, Mr. Sultan bin Abdulrahman Al-Marshad, signed a Memorandum of Understanding at the Fund's headquarters in Riyadh with Her Excellency the Foreign Minister of the Republic of El Salvador, Alexandra Hill Tinoco, aiming to establish a framework for promoting development cooperation between both sides on the basis of supporting and financing various developmental projects in the Republic of El Salvador. The signing ceremony was attended by The Saudi Ambassador to Mexico and Non-Resident Ambassador to El Salvador, Haitham bin Hassan Al-Malki, the Ambassador of El Salvador to Saudi Arabia Ricardo Ernesto Cucalon Levy.

The Memorandum of Understanding represents a step towards financing a project for water treatment and biogas energy generation through the waters of the Acelhuate River, through an accessible development loan provided by the Saudi Fund for Development. The loan agreement will be signed in coordination between the two parties. This MoU comes within the framework of the Fund's developmental efforts to support the growth of vital opportunities in various developing countries around the world, aiming at achieving international prosperity for the beneficiary communities.

It is worth mentioning that the Saudi Fund for Development has been working since 1975 to support the creation of diverse developmental opportunities, contributing to enhancing social and economic growth, improving living conditions, enabling keeping pace with developments in the field of knowledge, capacity building, and providing job opportunities for millions of beneficiaries. In addition, it aims to strengthen the pillars of sustainable development in its various scopes and forms in developing countries worldwide. Over the past 49 years, the Fund has provided financing for more than 800 development projects and programs, with a total value estimated at over $20 billion in more than 100 developing countries. These projects have encompassed various developmental sectors that directly impact communities.