Total investments worth US$ 137mn
The Saudi Fund for Development (SFD) recently inaugurated two new development projects in the water and housing sector and laid the foundation stone for a project in the transportation sector in Djibouti, with a total amount of US$ 137mn.
During an official visit to the East African nation, Saudi Fund for Development CEO, Sultan Bin Abdulrahman Al-Marshad, met with the President of the Republic of Djibouti HE Ismail Omar Guelleh to discuss the projects financed by SFD for economic and social development worth US$ 305mn since 1982.
As part of the visit, Al-Marshad and the Prime Minister of Djibouti, Abdoulkader Kamil Mohamed, inaugurated a new project to supply clean drinking water to 45,000 people in the coastal Province of Obock.
Funded with a grant of US$ 10 million provided by Saudi Arabia through the SFD, it will involve the construction of 105km of water pipes and eight water tanks to pump clean water from the Bissidiro region.
The SFD CEO and Prime Minister also laid a foundation stone to upgrade 60km of the Djibouti-Galafi arterial road, which was originally funded by Saudi Arabia through the SFD, with US$ 120mn. “The Saudi Fund for Development has an established track record in supporting sustainable economic and social initiatives in developing nations. We are pleased to provide ongoing socio-economic support to our brothers in Djibouti in line with UN Sustainability Development Goals,” commented Al Marshad.
Want to stay updated on the latest industry news and trends? Subscribe today to receive your monthly news highlights directly in your inbox!
