Saudi Fund for Development (SFD) and the African Development Bank Group (AfDB) have signed a memorandum of understanding (MoU) at the Fund's headquarters in Riyadh, to promote common objectives and activities for sustainable international development, a report said.

SFD CEO Sultan bin Abdulrahman Al-Marshad and AfDB President Dr Akinwumi Adesina signed the agreement that will see both sides supporting developing countries in Africa by financing development projects and programmes, Saudi Press Agency, SPA, said.

The MoU aims to facilitate the exchange of knowledge and experiences, advocate for optimal co-financing strategies, support the attainment of sustainable development goals, and optimize the impact of development initiatives.

Additionally, it seeks to strengthen cooperation in pursuit of shared and ambitious goals that foster the expansion of vital opportunities in diverse beneficiary African nations, ultimately leading to global prosperity for the most impoverished and least developed communities.

 The SFD aims to promote social and economic growth by creating diverse opportunities. It focuses on improving living conditions, fostering knowledge development, capacity building, and providing job opportunities for millions of people.

Since 1975, the Fund has played a significant role in strengthening sustainable development in developing countries worldwide.

It has provided support and financing for over 800 projects and development programmes, with a total value exceeding $20 billion. These initiatives included a wide range of development and essential sectors that directly impact populations in over 100 developing countries.