SFD & Benin sign MoU to finance Africa’s rural development

SFD & Benin sign MoU to finance Africa’s rural development

The Saudi Fund for Development’s (SFD) CEO, Sultan bin Abdulrahman Al-Marshad has signed a memorandum of understanding (MoU) with Benin’s Minister of Economy and Finance Romuald Wadagni. According to the statement, the MoU relates to the $5 million Saudi grant for the fifth phase of the SFD-funded Saudi Program for Drilling Wells and Rural Development […]The Saudi Fund for Development’s (SFD) CEO, Sultan bin Abdulrahman Al-Marshad has signed a memorandum of understanding (MoU) with Benin’s Minister of Economy and Finance Romuald Wadagni.

According to the statement, the MoU relates to the $5 million Saudi grant for the fifth phase of the SFD-funded Saudi Program for Drilling Wells and Rural Development in Africa.

The agreement intends to provide assistance to the Republic of Benin and other African countries in overcoming the effects of famine and drought. The grant will be used to supply tanks and an extension network to distribute potable water in 37 villages in the Republic of Benin.

The Saudi Fund for Development has provided soft development loans since 2008 to finance six development projects and programs worth more than $145 million. These projects and programs are in health, education, transportation, energy, and other sectors.

Furthermore, the Kingdom of Saudi Arabia has allocated