Marrakech, October 11, 2023, The Chief Executive Officer of the Saudi Fund for Development (SFD), Sultan Al-Marshad, and the President of the Asian Development Bank (ADB), Masatsugu Asakawa, formalized a crucial partnership by signing a Memorandum of Understanding (MoU). The aim of this MoU is to drive initiatives that foster social and economic development in ADB developing member countries across Asia and the Pacific.
This significant agreement was reached on the sidelines of the 2023 World Bank Group - IMF Annual Meetings, held in Marrakech, Morocco. It symbolizes a notable progression in the strategic collaboration between SFD and ADB. The primary focus of this partnership is to explore avenues through which joint efforts can contribute to the United Nations Sustainable Development Goals while bolstering the global development framework.
Throughout the duration of the MoU, both institutions will concentrate on their respective development activities. This includes working together to support nations in Asia and the Pacific and enhancing their capabilities to respond effectively to international development needs. Furthermore, the MoU will facilitate the exchange of knowledge to optimize institutional efficiency and amplify development impact.
This MoU serves as a testament to the shared dedication of SFD and ADB to advancing sustainable and inclusive development in Asia and the Pacific. The SFD, established in 1974, has provided funding for over 700 development projects valued at $18.7 billion in more than 90 countries worldwide. Notably, in Asia alone, the SFD has backed 265 development projects, amounting to $7.3 billion across 30 countries. These projects represent approximately 39.04% of SFD's financial support to developing nations globally and span a wide range of sectors, including agriculture, energy, industry, transportation, and social infrastructure.
