This week, the Saudi Fund for Development (SFD) and the Global Water Organization announced the signing of a Memorandum of Understanding (MoU) to collaborate on water projects.
A statement released Monday detailed that this agreement will establish a general framework for international development cooperation and leverage the Fund’s experience financing such projects.
According to the Fund, since 1975, it has contributed financing to more than 147 development projects and programs in the water sector and other sectors related to water security in various developing countries.
This, it said, has been achieved through developmental loans and grants, amounting to over $6.1 billion.
According to Sultan bin Abdulrahman Al-Marshad, CEO of the SFD, the partnership will enhance the provision of “innovative financing options” to support water projects.
“This memorandum represents an important step towards enhancing mutual cooperation between the organization and the Fund. We look forward to implementing projects and initiatives that contribute to achieving sustainable development in the field of water globally,” added Dr. Fahad bin Saad Abu Mouti, the Head of the Founding Team of the Global Water Organization.