Saudi Gazette report

ALULA —The CEO of the Saudi Fund for Development (SFD), Sultan Al-Marshad, signed a memorandum of understanding (MoU) with the CEO and General Manager of the Italian Deposits and Loans Fund, Dario Scannapieco, in AlUla on Sunday. The MoU for development cooperation was signed in the presence of Minister of Investment Khalid bin Abdulaziz Al-Falih.

The agreement aims to establish and enhance the framework for cooperation in social and economic development in the participating countries, and to exchange expertise and knowledge in vital areas.

In addition, it represents an important step toward enhancing the growth of development sectors that will contribute to achieving sustainable development goals by accelerating global development efforts. It will also promote best practices in joint financing, and maximize the development impact on growth and prosperity in developing countries around the world.

The Saudi Fund for Development has been working since its establishment in 1974 to strengthen the pillars of sustainable development in its various scopes and multiple forms in developing countries around the world. It has provided funding for over 800 development projects and programs with a total value estimated at more than $20 billion in around 100 developing countries.

These projects included several vital sectors that directly touch communities.