Washington, DC – The Saudi Fund for Development (SFD) and the World Bank Group have signed a landmark Memorandum of Understanding (MoU) to enhance international development cooperation and advance sustainable development in emerging economies. Sultan Abdulrahman Al-Marshad, CEO of the SFD, and Ajay Banga, President of the World Bank Group, formalized the agreement on the sidelines of the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C. This milestone MoU involves all five institutions within the World Bank Group: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA).

The MoU aims to enhance cooperation through knowledge sharing and co-financing projects, with a focus on strengthening water and food security, particularly in regions vulnerable to climate change and fragility. Additionally, the MoU emphasizes fostering regional integration by improving cross-border infrastructure. Key initiatives include promoting transition to renewable energy sources, enhancing transport infrastructure, supporting digital infrastructure and the development of the digital economy, and building institutional capacity.

This agreement represents an important expansion of the long-standing relationship between the SFD and the World Bank Group, reinforcing both organizations’ commitment to funding development projects and programs in countries and communities with the greatest needs.  Additionally, the MoU aligns with SFD’s broader mission to collaborate with global partners and institutions to drive inclusive, sustainable growth and accelerate economic prosperity and social progress in beneficiary countries.

Since 1974, the SFD has been committed to supporting sustainable development globally, touching hundreds of millions of lives across 100 countries in Africa, Asia and the Pacific, Latin America and the Caribbean, and Eastern Europe. As the official development arm of the Kingdom of Saudi Arabia, the SFD has financed more than 800 development projects with a total funding of $20 billion across diverse sectors, including social infrastructure (water and sewage, education, health, housing and urban development,) transportation, agriculture, energy, industry and mining and more.

For further information, please contact:  
media@sfd.gov.sa