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About IFIs and IFFOs:

The Saudi Fund for Development (SFD) was established in 1974, the main activity started in 1975. At the time of creation, the fund’s assets amounted to 10 billion Saudi riyals, currently this figure has increased to 31 billion Saudi riyals or in eq. 8.27 billion USD.

Website: www.sfd.gov.sa 

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The Foundation is a public institution and is financially and administratively independent. The headquarters of the Foundation is located in Riyadh. It is governed by a Board of Directors, led by the Minister of Finance of the Kingdom of Saudi Arabia (KSA). Members of the Council include representatives of the Ministry of Foreign Affairs of KSA, the Department of Investments of the Monetary Agency of KSA and the State Corporation for Processing of Petrochemical Products “SABIK”.

In accordance with the Charter, the main objectives of the Fund are to participate in financing of development projects in developing countries through the provision of long-term concessional loans and promotion of national export of non-crude oil through financing and insurance of export operations.

The main areas of loans are transport infrastructure and communications, agriculture, energy, healthcare, education, utilities, urban infrastructure, industry and mining, etc.

Cooperation with the Republic of Uzbekistan:

Cooperation between the Republic of Uzbekistan and the Saudi Fund for Development (SFD) was established during a meeting of members of the Arab Coordination Group in July 2007, in the city of Tashkent. The Memorandum of Understanding signed at the end of the meeting became the basis for further development of cooperation with SFD.

Within the framework of cooperation with SFD, the project “Construction and equipping general education schools” was implemented (the amount of funding for the SFD is 16 million dollars, the OPEC fund is 5 million dollars). The loan agreement between the Republic of Uzbekistan and the SFD on financing this project was signed on November 28, 2008.

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On June 3-5, 2009 during the visit to Uzbekistan of the Minister of Finance of the Kingdom of Saudi Arabia, Chairman of the Board of the Saudi Fund I. Al-Assaf, a loan agreement was signed to finance the project “Reconstruction of Alat pumping station in Bukhara region” in the amount of $12 million.

In order to systematize and expand cooperation by increasing the number of joint projects, as well as increase their funding, the Uzbek side has prepared a list of 9 promising project proposals in the amount of 511 million dollars. This list contains proposals in such areas as healthcare, agriculture, utilities, small and private business, on 26.05.2009 was sent to the SFD for consideration through diplomatic channels.

On March 1-2, 2010, a meeting of the Arab Coordination Group (ACG) was held in Tashkent to consider the participation of ACG in financing the project “Development of Uzbek National Highway”. Following the meeting of the SFD, along with other members of the ACG, he expressed his readiness to consider the issue of financing a project for construction and reconstruction of Samarkand – Guzar road section of Uzbekistan National Highway.
At the end of January 2011. The Board of Directors of the SFD approved funding for the project “Reconstruction of the 4P87 Guzar – Chim Kukdala Highway” in the amount of 30 million dollars

On June 27-30, 2011, within the framework of participation of the delegation of the Republic of Uzbekistan led by Deputy Prime Minister E.Ganiyev in the work of the 36th Annual Meeting of the Board of Governors of the IDB, a loan agreement was signed with the SFD.

On November 6-7, 2012 a roundtable was held in Tashkent with participation of members of the ACG, under which Arab funds were offered 16 projects worth 487.8 million dollars for consideration. From among these projects, 3 projects were selected for the amount of 65.1 million dollars, including:

– on the project “Equipping the Republican specialized scientific and practical medical centers with modern medical equipment” in January 2013. The Board of Directors of the SFD approved the financing of the project on May 23, 2013, within the framework of the visit of the Minister of Finance of the Kingdom of Saudi Arabia I.al-Assaf to the Republic, a loan agreement worth $20 million was signed between the Government of Uzbekistan and the SFD;

– on projects “Introduction of alternative energy sources in 632 schools in remote and inaccessible rural areas” and “Improvement of drinking water supply in rural areas of Kushrabad district of Samarkand region” in September 2013. The assessment mission of the SFD visited Uzbekistan to agree on technical and financial parameters of projects, following the results of which the Board of Directors of the SFD in late December 2013 approved the financing of projects in the total amount of 29.5 million dollars (10.9 million dollars – for the project in the sphere of education and 18.6 million dollars – for the project in the field of drinking water supply). The loan agreement on financing the project “Improving drinking water supply in rural areas of Kushrabad district of Samarkand region” was signed as part of participation of the delegation of the Republic of Uzbekistan at the 39th Annual Meeting of the Board of Governors of the Islamic Development Bank on June 23-28, in Jiddah.

Within the framework of the roundttable with participation of ACG, on October 27, 2014, 25 priority projects in Uzbekistan were presented to Arab funds in Tashkent. The delegation of the SFD expressed interest in co-financing the Rural Housing Program.

During the visit of the Saudi delegation on July 27-29, 2015 in Uzbekistan, led by Deputy Chairman of the Fund, Managing Director Youssef Al-Bassem, a loan agreement was signed with the SFD on the project “Housing construction in rural areas of Khorezm region” in the amount of 30 million dollars

Loan agreement for the project “Housing construction in rural areas of the Republic of Karakalpakstan” in the amount of 30 million dollars, signed on May 12, 2016 in Tashkent during the visit of Deputy Chairman of the Fund, Managing Director Youssef Al-Bassem.

In January 2017, the Board of Directors of the SFD approved a loan at the amount of $26.3 million to the Republic of Uzbekistan for co-financing the project “Reconstruction of water supply system of the district centers of Kasan, Mubarek and rural settlements adjacent to the water conduit from Kitab – Shakhrisabz groundwater field”.

The loan agreement for this project was signed at the 42nd Annual Meeting of the Board of Governors of the Islamic Development Bank on May 18, 2017, in Jiddah.

In June 2017, the Board of Directors of the SFD approved a loan to the Republic of Uzbekistan in the amount of 162 million Saudi riyals (43.1 million dollars) to co-finance the project “Overhaul and Repair of Karshi Cascade of Pumping Stations (Phase III)”.

As well as, in December 2017, the Board of Directors of the SFD approved a loan of 50.0 million dollars to the Republic of Uzbekistan for co-financing the project “Modern housing construction in rural areas in Navoi, Fergana and Tashkent regions”. During the visit of the Uzbek delegation led by First Deputy Minister of Finance A.Khaidarov in Riyadh from January 30 to February 2, 2018, a loan agreement was signed with SFD on this project.

During the visit of Uzbekistan delegation to Tunis to participate in the work of the 43rd Annual Meeting of the Board of Governors of the IDB in the period of April 3-5, 2018, a meeting was held with the Vice-Chairman of the SFD Y.Al-Bassem. During the meeting, a financial agreement was signed to finance the project “Overhaul of Karshi cascade of pumping stations. Phase III” in the amount of $43.1 million, and an agreement was reached to increase the amount of funds allocated to finance projects in the public and private sectors of Uzbekistan, the list of which will be submitted by the Uzbek side to the SFD.