RIYADH: The Saudi Fund for Development (SFD) has signed a memorandum of understanding (MOU) with the Islamic Development Bank Group (IsDB Group) to enhance development cooperation, the Saudi Press Agency (SPA) reported on Friday.
The MOU signed in Riyadh aims to support developing nations across the world by financing projects and programs.
IsDB Group Chairman Dr. Mohammed bin Sulaiman Al-Jasser and SFD Chief Executive Sultan bin Abdulrahman Al-Marshad signed the MoU.
The MOU intends to develop capabilities and advisory services, exchange experiences and knowledge, promote best practices, and maximize institutional efficiency and development impact.
It also focuses on boosting the existing cooperation within the Arab Coordination Group to help in achieving international sustainable development.
Additionally, the MOU will facilitate collaboration in monitoring and evaluation processes for development projects and programs in countries that benefit from both sides’ activities.
Since 1975, the SFD has contributed to boosting the pillars of sustainable development in developing nations worldwide. It has financed over 800 projects and development programs worth over $20 billion in more than 100 countries.
