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Saudi Fund for Development, Seychelles Sign $25 Million Development Loans

The CEO of the SFD signed two development loan agreements with Seychelles Minister of Finance, National Planning and Trade. SPA
The CEO of the SFD signed two development loan agreements with Seychelles Minister of Finance, National Planning and Trade. SPA
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Saudi Fund for Development, Seychelles Sign $25 Million Development Loans

The CEO of the SFD signed two development loan agreements with Seychelles Minister of Finance, National Planning and Trade. SPA
The CEO of the SFD signed two development loan agreements with Seychelles Minister of Finance, National Planning and Trade. SPA

CEO of the Saudi Fund for Development (SFD) Sultan bin Abdulrahman Al-Marshad signed on Friday two development loan agreements with Seychelles Minister of Finance, National Planning and Trade Naadir Hassan.

Through the loans, the SFD is contributing $25 million to support the social housing project in the Seychelles and the reconstruction of La Digue School project.

The first loan agreement worth $15 million will contribute to establishing residential buildings for low-income families in various regions of the country.

The second agreement worth $10 million will help provide a modern educational environment in the Seychelles.

Since its establishment in 1974, the SFD has implemented 700 development projects and programs in more than 90 countries with a value surpassing $18.7 billion.

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BRICS Countries Back Grain Exchange Idea

People walk past the Sandton Convention Center, which hosted the BRICS Summit, in Johannesburg, South Africa August 19, 2023. REUTERS/James Oatway
People walk past the Sandton Convention Center, which hosted the BRICS Summit, in Johannesburg, South Africa August 19, 2023. REUTERS/James Oatway
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BRICS Countries Back Grain Exchange Idea

People walk past the Sandton Convention Center, which hosted the BRICS Summit, in Johannesburg, South Africa August 19, 2023. REUTERS/James Oatway
People walk past the Sandton Convention Center, which hosted the BRICS Summit, in Johannesburg, South Africa August 19, 2023. REUTERS/James Oatway

The BRICS group of countries have supported an initiative to set up a grain exchange, Russian Minister of Agriculture Oksana Lut said on Friday.
The exchange would allow buyers to purchase directly from producers and has been backed by Russian President Vladimir Putin ahead of a BRICS summit to be held in Russia in October, Reuters said.
"We will work together with our colleagues on creation and development of this platform and the development of the possibility of settlements in national currencies of the BRICS countries," Lut said after a meeting of BRICS agriculture ministers held in Moscow.
The BRICS grouping, which includes Brazil, India, China and South Africa among others, accounts for more than 30% of global agricultural land, according to Russian export center Agroexport.
It also accounts for more than 40% of global cereal and meat production, nearly 40% of dairy products and more than 50% of total fish and seafood production.
"Last year, the association accounted for more than a third of Russia's exports of agro-industrial products - that's $15 billion," Lut said regarding BRICS countries.