Riyadh – Mubasher: The Saudi Fund for Development (SFD) has financed 694 developments across 84 countries since its inception in 1975 at a value of approximately SAR 70 billion.

SFD funded renewable energy projects in nine Asian and African countries to produce 42,000 megawatts of sustainable and clean energy, according to a press release on Monday.

The fund also supported the establishment of more than 8,800 water facilities in 18 African countries using solar energy to pump water to 4.5 million people.

SDF also contributed to the development of 11 hydroelectric dams to convert hydropower into a source of clean energy.

The Saudi fund has played a role in implementing renewable energy projects in Pakistan and Nepal at an estimated value of SAR 1.2 billion.

The CEO of SDF, Sultan bin Abdul Ruhman Al Murshad said, “Through its established track record in supporting sustainable energy initiatives in developing nations, the SFD is already a front-line partner of the enhanced Saudi Green Initiative (SGI).”

It is worth noting that the SGO was announced at the Saudi Green Initiative Forum on Saturday, 23 October, ahead of the Middle East Green Initiative Summit which takes places this week.

SDF has backed green projects in developing countries, which included the Greening Eritrea Project that aims to increase the production of agricultural crops. This is in addition to the Afforestation Project in Burundi which protects soil erosion across 10,000 hectares.

The fund's total contribution to agricultural land reclamation projects to date amounted to over 170,000 hectares.