Marrakech: The Saudi Fund for Development (SFD) Chief Executive Officer, Sultan Al-Marshad, today signed with the Asian Development Bank (ADB) President, Masatsugu Asakawa, a Memorandum of Understanding (MoU) aimed at promoting initiatives that foster social and economic development in ADB developing member countries in Asia and the Pacific. The signing took place on the sidelines of the 2023 World Bank Group - IMF Annual Meetings in the city of Marrakech, Morocco.

The agreement marks a step forward in the strategic partnership between SFD and the ADB. The agreement aims to identify ways in which collaboration between SFD and ADB can contribute towards the UN Sustainable Development Goals and strengthen the global development system. During the period of the MoU, the two institutions will focus on their respective development activities, including cooperation to support countries in Asia and the Pacific, as well as strengthening capacities to better respond to overseas needs. The MoU will also promote knowledge-sharing to enhance institutional efficiency and development impact.

This MoU is evidence of the shared commitment of SFD and ADB to supporting sustainable and inclusive development in Asia and the Pacific.

Since its establishment in 1974, SFD has funded over 700 development projects worth $18.7 billion in more than 90 countries worldwide. In Asia alone, SFD has financed 265 development projects amounting to $7.3 billion in 30 countries. These projects account for approximately 39.04% of SFD's funding in developing countries globally, supporting various sectors such as agriculture, energy, industry, transportation, and social infrastructure.