Porto-Novo, February 9, 2024, Today, Sultan bin Abdulrahman Al-Marshad, the CEO of the Saudi Fund for Development (SFD), inked a memorandum of understanding (MOU) with Romuald Wadagni, the Minister of Economy and Finance of the Republic of Benin. The MOU signifies a Saudi grant of $5 million earmarked for the fifth phase of the Saudi Program for Drilling Wells and Rural Development in Africa, facilitated through the Fund.
The primary objective of the MOU is to extend assistance to the Republic of Benin and other African nations in mitigating the adverse impacts of famine and drought. The allocated grant will be utilized to install water tanks and develop an expanded network for distributing potable water across 37 villages within the Republic of Benin.
Since 2008, the Saudi Fund for Development has been instrumental in providing concessional development loans, amounting to over $145 million, to finance six distinct projects and programs encompassing various sectors such as health, education, transportation, and energy.
Additionally, the Kingdom of Saudi Arabia has allocated two grants totaling $8 million to the Republic of Benin through the Fund. These grants aim to bolster water security, enhance water resource management, and alleviate the repercussions of drought. They form part of the Saudi Program for Drilling Wells and Rural Development in Africa, spanning both its fourth and fifth phases.
