The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed an additional $20 million loan agreement with Central African Republic (CAR) Prime Minister and incumbent Minister of State of Economy, Planning, and International Cooperation Félix Moloua.

The agreement was signed on the sidelines of the 2023 World Bank and International Monetary Fund (IMF) Annual Meetings in Marrakech, Kingdom of Morocco.

The $20 million loan agreement aims to finance development projects in CAR, including the establishment of a 250-bed hospital and the completion of construction in the capital, Bangui.

The agreement came in continuation of the existing cooperation between the two sides. The SFD extended a $77 million loan to CAR in 2015 to support developmental projects.

Since 1985, the SDF has provided $109 million in support to finance four development projects and programs in CAR in sectors including infrastructure, transportation, telecommunication, and others.

Source: Saudi Press Agency