The Saudi Fund for Development (SFD) has signed a memorandum of understanding (MOU) with the Islamic Development Bank Group (IsDB Group) in Riyadh. The MOU aims to enhance development cooperation and support developing countries worldwide by financing projects and programs.
The MOU was signed by IsDB Group Chairman Dr. Mohammed bin Sulaiman Al-Jasser and SFD Chief Executive Sultan bin Abdulrahman Al-Marshad.
The MOU seeks to develop capabilities and advisory services, promote best practices, exchange experiences and knowledge, and maximize institutional efficiency and development impact. It also aims to strengthen existing cooperation within the Arab Coordination Group to aid in achieving international sustainable development. Additionally, the MOU will facilitate cooperation in monitoring and evaluation processes for development projects and programs in countries that benefit from both sides’ activities.
Since 1975, the SFD has contributed to strengthening the pillars of sustainable development in develo
ping countries worldwide. It has financed over 800 projects and development programs with a total value estimated at over $20 billion in more than 100 countries.
Source: Saudi Press Agency