SFD signs $5.9m loan agreement with Burundi government

SFD signs $5.9m loan agreement with Burundi government
SFD signs $5.9m loan agreement with Burundi government

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Hind Al Soulia - Riyadh - GITEGA — The Saudi Fund for Development (SFD) recently signed a loan agreement worth $5.9million with the Burundi government to upgrade a major road connection between the city of Bujumbura and the country's airport. The Arabic Bank (BADEA) and the Burundi Government are co-contributors towards the project.

It is the latest in an ongoing program of developments the SFD has supported in Burundi including transport, education and housing, and comes under Burundi's 2045 development plan to establish the nation as an attractive economic and tourism destination.

The Bujumbura road project will include a road widening scheme and upgraded airport entrance.

The Vice-Chairman and Managing Director of the SFD Dr. Khaled Bin Sulaiman Al Khudairy led a delegation from the Fund on a visit to Burundi and signed the agreement with Burundi Minister of Finance Domicien Ndihokubwayo, and in the presence of the Minister of Transportation, Jean Bosco Ntunzwenimana and General Manager of the Roads Agency Emile Ndayisaba.

Dr. Al Khudairy said, "The SFD and government of Burundi have worked together over many years in a series of successful development projects. By providing loans, the Saudi Fund for Development aims to promote economic prosperity within developing countries. Schemes like this road upgrading bring real and tangible benefits to people and communities in need.

"The improvement in the road network will provide a long term sustainable impact for Burundi's economy and its three million population by improving the movement of goods and people. The loan also marks the latest in a commitment by the SFD to work in nations throughout Africa and improve life opportunities for those in developing nations."

To date, the SFD has contributed to a total of 13 development projects in Burundi which include infrastructure and educational projects. The SFD is one of Africa's largest contributors to sustainable development aid, promoting stability and prosperity to the region since 1975, and has contributed financial assistance to more than 400 development projects in 46 African countries.

The SFD is aligned with Saudi Arabia's Vision 2030 and its goals of building prosperity and providing socio-economic support to developing nations. — AETOSWire


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