ACWA Power-led consortium attains financial closure for Al-Shuaibah solar projects 

ACWA Power-led consortium attains financial closure for Al-Shuaibah solar projects 

RIYADH: Affirming its commitment to the global fraternity, the Saudi Fund for Development has laid the foundation stone to kick off the construction of the Mangoky Bridge in Madagascar, an island country lying off the southeastern coast of Africa.

The SFD has contributed $20 million as a soft loan to the project, alongside contributions from institutions and development funds in the Arab Coordination Group and the government of Madagascar, the Saudi Press Agency reported.

The Mangoky Bridge will connect the Atsimo-Andrefana and Menabe regions, home to Madagascar’s most vital agricultural and tourism assets. 

The bridge is also expected to reduce the travel time between these two regions, thus helping local farmers to get their products to the market much more quickly. 

Mohammed Al-Shammari, the SFD’s director general for Africa operations, laid the foundation stone in the presence of Andry Rajoelina, president of Madagascar. 

Several high-level officials, including Christian Ntsay, prime minister of Madagascar, were also present during the event. 

During his speech at the event, Rajoelina thanked the fund for contributing to constructing the 878-meter bridge and other development projects in his country.

The fund has been contributing to developmental projects across the globe since its inception in 1974.

The SPA report also noted that the fund had