Saudi Grants, Loans to Over 1000 Projects in 85 Countries

Saudi Grants, Loans to Over 1000 Projects in 85 Countries
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Saudi Grants, Loans to Over 1000 Projects in 85 Countries

Saudi Grants, Loans to Over 1000 Projects in 85 Countries

The Saudi Fund for Development (SFD) revealed that the kingdom has provided official development assistance (ODA) for over 1000 projects in 85 countries through a combination of loans and grants within the Just Transition Framework.

As part of the SFD’s contribution to the Kingdom of Saudi Arabia’s Vision 2030 and the Kingdom’s G20 Presidency, SFD sponsored the International Institute of Finance G20 Conference and participated in a panel discussion at the IIF G20 Conference, held in Riyadh.

The Just Transition Framework discussed at the conference is closely aligned with SFD’s strategic ambition in financing international development projects, and in line with the Kingdom of Saudi Arabia’s G20 Presidency, and Vision 2030 objectives.

The Just Transition Framework is a natural progression for SFD and the projects it supports, as the framework seeks to ensure developing nations are included in the conversation surrounding the move towards impactful projects that support sustainable development.

SFD has supported renewable energy initiatives in the African continent, most recently the Samendini Dam in Burkina Faso. The Samendini Dam will enhance food security and agriculture production through the reclamation of land – estimated to benefit 250,000 farmers and local residents

In addition to supporting agriculture, the dam will also provide cleaner, more affordable power to the local community.

An excellent example of supporting the Just Transition Framework is how the dam addresses three key concerns: water stress, affordable and sustainable energy, and food security.

Since its establishment, SFD has provided official development assistance (ODA) for over 1000 projects in 85 countries through a combination of loans and grants.

In addition to larger infrastructure projects, SFD has developed standalone ODA programs, such as the ‘Saudi Program for Wells and Rural Development in Africa’. This program aims to mitigate the effects of drought in rural regions in a number of African countries.

Under the program, over 6,000 water facilities have been equipped, and 2.5 million people have benefited from access to cleaner, safer water.

Faisal al-Kahtani, Acting Director-General, Operations Department, discussed SFD’s role in financing the Just Transition. During the discussion, Kahtani reiterated the need to ensure developing nations were not left behind in the global transition to low-carbon economies.

Kahtani said: “Four sustainability-related issues fall under the broader Saudi G20 Agenda: carbon emissions, water stress, food safety, and affordable, sustainable energy. SFD has been supporting projects in these areas since 1975. SFD looks at a nation’s critical needs, whether those be in energy, water or other principal development areas and works to finance projects which address a particular need, in line with the UN Sustainable Development Goals.”



Lebanon Appoints Karim Souaid as New Central Bank Governor

A woman walks outside of Lebanon's Central Bank building in Beirut, Lebanon March 16, 2018. REUTERS/Mohamed Azakir/File Photo
A woman walks outside of Lebanon's Central Bank building in Beirut, Lebanon March 16, 2018. REUTERS/Mohamed Azakir/File Photo
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Lebanon Appoints Karim Souaid as New Central Bank Governor

A woman walks outside of Lebanon's Central Bank building in Beirut, Lebanon March 16, 2018. REUTERS/Mohamed Azakir/File Photo
A woman walks outside of Lebanon's Central Bank building in Beirut, Lebanon March 16, 2018. REUTERS/Mohamed Azakir/File Photo

Lebanon on Thursday named asset manager Karim Souaid as its new central bank governor. He will be expected to restructure the banking sector and fairly distribute losses from Lebanon's 2019 financial collapse, which erased the savings of ordinary Lebanese, tanked the currency and sparked an economic crisis.

In announcing Souaid's appointment, Prime Minister Nawaf Salam urged the new governor to focus on talks with the International Monetary Fund, restructuring banks, tightening banking secrecy laws and prioritizing depositors' rights.

"The governor, whoever he is and whatever the reservations about his selection, must commit from today to the financial policies of our reformist government," Salam said following a cabinet vote on the appointment.

Souaid, who holds a degree from Harvard Law School and founded asset management firm GrowthGate Capital in 2007, won the support of 17 ministers in the 24-member cabinet, two sources with direct knowledge of the vote told Reuters.

Salam and President Joseph Aoun have both pledged to prioritize reforms to help secure funds desperately needed to kickstart the economy and rebuild the country following the recent war between Israel and Hezbollah.

But they were split over who to appoint as central bank governor, with Aoun backing Souaid and Salam against him, according to two Lebanese government officials, two sources familiar with the dispute and a Western diplomat.

The incoming governor will replace interim chief Wassim Mansouri, who has been overseeing the bank since longer-serving governor Riad Salameh's tenure ended in disgrace in 2023 due to the financial implosion.

In the wake of the crisis, Lebanon was placed on a financial watchdog's "grey list" for failing to address concerns about terrorism financing and money laundering through its financial system.