Benin, Saudi fund to bolster cooperation

Benin and the Saudi Fund for Development (SFD) have discussed ways to strengthen partnership between the two sides following a meeting between SFD Chief Executive Officer Sultan Abdulrahman Al-Marshad and the West African country’s finance and economy minister Romuald Wadagni.

During the meeting that took place in Riyadh, the Saudi capital hosting the headquarters of 1974-launched fund, SFD vowed to support Benin’s key economy and development sectors.

Since 2008, the Saudi fund has granted Benin six soft loans, exceeding $105 million, to finance five projects and programs, in the sectors of health, education, transport, communications, and energy.

SFD also gave Bening $8 million grants to support water security, and reduce the effects of drought through the Saudi Well Drilling and Rural Development Program in Africa.