Saudi Arabia channels its development cooperation through the Saudi Fund for Development (SFD). It finances development projects that promote social and economic well-being in the least-developed and low-income countries. Established in 1975, the SFD provides concessional and untied assistance for development projects. Its operations have no geographical or sector limitations.
Saudi Fund for Development Expands Global Support in Final Quarter of 2024
20 November 2024
ADB and the governments of Solomon Islands and Tonga have signed grant and loan agreements for energy projects on the sidelines of the Conference of the Parties 29.
11 September 2024
ADB and the Government of Solomon Islands, with support from the Saudi Fund for Development, are helping Solomon Islands transition to renewable energy with a transformational project that will accelerate renewable energy generation and battery storage system installation.
ADB and Saudi Arabia collaborated on several knowledge products including the following:
This policy brief presents a set of recommendations stemming from the Haramain High-Speed Rail in Saudi Arabia, which we hope will be useful and applicable to other high-speed rail systems.
Saudi Arabia contributes to ADB’s development initiatives through cofinancing.
In October 2023, ADB and the Saudi Fund for Development (SFD) signed a memorandum of understanding to collaborate in promoting initiatives that foster social and economic development in ADB’s developing member countries (DMCs). ADB and the SFD will jointly cofinance infrastructure projects in DMCs and collaborate toward the United Nations Sustainable Development Goals.
Sovereign Cofinancing. In 2024, ADB and the Saudi Fund for Development (SFD) entered into their first joint project financing. The SFD committed $10 million in loan cofinancing to install Solomon Islands’ first utility-scale grid-connected battery energy storage system, supporting renewable energy integration, power sector reforms, and private sector investment. In addition, the SFD committed $30 million in loan cofinancing to improve agricultural productivity, profitability, and climate resilience of farmer-managed irrigation across five provinces in Nepal, and to institutionalize irrigation modernization and integrated crop water management.
Nonsovereign Cofinancing. The Trade and Supply Chain Finance Program (TSCFP) supported 2 transactions valued at $55.1 million with a bank domiciled in Saudi Arabia from 2009 to 2024. During the same period, the TSCFP supported over 2,270 Saudi Arabian exports and/or imports valued at $1.1 billion. In 2024 alone, the TSCFP supported 11 Saudi Arabian exports and/or imports valued at $1.9 million. Exports and/or imports were mainly to/from Pakistan, Bangladesh, and Viet Nam. Underlying goods involved mostly raw and non-energy commodities, oil, gas, and energy-related commodities, as well as food and agriculture-related goods.
