UAE fintech InvestSky raises $3.4m in pre-seed funding

UAE fintech InvestSky raises $3.4m in pre-seed funding
UAE fintech InvestSky raises $3.4m in pre-seed funding

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Jeddah - Yasmine El Tohamy - RIYADH: A delegation from the Saudi Fund for Development participated in the 2nd Africa High-Level Forum of South-South and Triangular Cooperation for Sustainable Development, in the Ugandan capital, Kampala, from Jan. 17 to 19, the Saudi Press Agency reported on Friday.

The forum was held in the presence of Ugandan President Yoweri Museveni, and under the auspices of the Ugandan government, the Islamic Development Bank, the UN Development Program, the African Peer Review Mechanism, the African Union Development Agency, and the UN Office for South-South Cooperation.

The SFD’s participation in this forum comes within the framework of its interest in participating internationally, publicizing its efforts, projects and programs, and to highlight its development contributions, which include all sectors in developing countries, with the aim of achieving the goals of sustainable development.

The fund was represented by the Director of East and Southern Africa Operations Azzam Al-Barrak, who participated in the first session of the forum, which discussed the global framework for South-South and triangular cooperation to implement the 2063 agenda and achieve the sustainable development goals.

He reviewed SFD’s achievements in the African continent, and said: “Since its establishment in 1975, the Saudi Fund for Development has provided support to 46 African countries by financing more than 408 projects in Africa, at a value of $10.47 billion, representing about 60 percent of the total projects funded by the fund, and they include various sectors, such as education, health, transportation, communications, agriculture, energy, and others.”

During the session, in which representatives of international organizations and government agencies participated, Al-Barrak highlighted the experience of the SFD in supporting development projects in cooperation with international organizations.

He also reviewed its experience in implementing the second-phase project of the first national program for water and sanitation in Ethiopia, which aims to increase and sustain service coverage sanitation, and the provision of clean water in rural and urban areas, in line with the sustainable development goals. The project is expected to serve more than four million beneficiaries.

Al-Barrak reviewed the impact of the Saudi Program for Drilling Wells and Rural Development in Africa, funded by a $330 million grant from the government, and administered by the SFD. More than 4.5 million people in 13 countries benefited from this program, which included drilling and equipping 6,300 water facilities.

The fund also participated in an accompanying exhibition, where it reviewed, through its introductory pavilion, its development activity spanning more than 48 years, and the Kingdom’s developmental role in supporting the countries of the South.

The pavilion also highlighted the importance of the projects the fund finances in achieving the global sustainable development goals. SFD has funded 697 development projects and programs in 84 developing countries since its inception, in order to support various vital sectors.

The exhibition is a global platform for presenting sustainable solutions to the challenges facing development projects in developing countries, with the participation of many international and development organizations, and institutions from the public and private sectors, as well as experts in the economic and development fields.

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