Akinwumi Adesina, President of the African Development Bank Group (AfDB), lauded Saudi Arabia for its significant contributions to development across Africa during the Saudi Fund for Development’s 50th anniversary celebration on Sunday, September 1.
Adesina underscored the fund’s monumental work, revealing that it has backed an astounding 407 projects across 41 sub-Saharan African countries, with a staggering total investment exceeding $5.3 billion.
He stressed that the fund’s initiatives are diverse, spanning crucial sectors such as irrigation, energy infrastructure, healthcare, education, and transportation, thereby ensuring a comprehensive approach to development.
In his address, Adesina described the Saudi Fund for Development as a model of generosity and commitment. He highlighted the tangible benefits of the fund’s initiatives, such as improved healthcare facilities, enhanced education systems, and better transportation, all of which have significantly improved the lives of African communities.
He pointed out that this alignment was evident at the Saudi-Africa Summit held in November 2023, where Crown Prince Mohammed bin Salman hosted over 40 heads of state to discuss future cooperation.
Adesina commended the fund’s unique approach to development financing, which he described as “Supportive, Dedicated, Friendly,” a strategy that has proven to be effective and beneficial for the African countries it supports.
He noted the fund’s ability to address the needs of various countries without geographic restrictions, distinguishing it from other development partners.
The AfDB President, who has visited Saudi Arabia more frequently than any predecessor since the bank’s founding in 1964, expressed deep appreciation for the strategic alliances formed with Saudi institutions.
These partnerships have led to billions of dollars in co-financing for African projects.
Concluding his remarks, Adesina reaffirmed the AfDB’s commitment to its partnership with the Saudi Fund for Development, wishing the organization continued success and looking forward to future collaborative efforts to advance Africa’s development.
