The nation’s funded projects encompass a diverse range of initiatives, including irrigation systems to bolster food production, dams for energy generation, hospitals to provide maternal and infant healthcare, electrification of schools to facilitate learning, and the construction of airports and roads to enhance connectivity between countries, counties, and communities.
Adesina made these remarks during the 50th anniversary celebration of the Saudi Fund for Development in Riyadh on Sunday.
He noted that the fund embodies the aspirations of the Kingdom of Saudi Arabia through its developmental initiatives in Africa.
“The fund has facilitated 407 projects across 41 sub-Saharan African nations, with an investment exceeding $5.3 billion,” he stated in his address, congratulating the Fund on this significant milestone.
The projects financed by the Kingdom encompass a wide range of areas, including irrigation for food production, dams for energy generation, healthcare facilities for mothers and infants, electricity to illuminate schools and improve education, as well as infrastructure such as airports and roads to connect nations, regions, and communities.
The President of the Bank Group emphasized that the Fund represents an ongoing effort to strengthen the relationship and collaboration between Saudi Arabia and Africa. He pointed out that this was clearly demonstrated during the Saudi-Africa Summit hosted by Crown Prince Mohammed bin Salman, which saw participation from over 40 heads of state and government. This pivotal summit in November 2023 established a framework for Saudi-Africa partnership.
Adesina remarked that one distinguishing feature of the Saudi Fund for Development in the realm of development financing is its “unlimited territorial scope.” Its primary focus is on the needs of countries, setting it apart from other development partners.
“This signifies: Open heart. Open hands. Open purse. Its effectiveness is grounded in its core values, encapsulated in the acronym SDF, which I interpret as: Supportive. Dedicated. Friendly. This is why nations hold the SDF in high regard,” he concluded.
Adesina noted he had visited the Kingdom of Saudi Arabia more than any president in the history of the African Development Bank since 1964 and had forged strategic alliances with major Saudi institutions delivering billions of dollars of co-financing for projects in Africa.
“The African Development Bank is your friend and strategic partner in Africa…I wish the Saudi Fund for Development another 50 exciting years ahead, as we partner together to support Africa with renewed dedication to accelerate Africa’s development,” Adesina concluded.