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UDF-Space
Saudi Arabia channels its development cooperation through the Saudi Fund for Development (SFD). It finances development projects that promote social and economic well-being in the least-developed and low-income countries. Established in 1974, the SFD provides concessional and untied assistance for development projects. Its operations have no geographical or sector limitations.
In October 2023, ADB and the SFD signed a memorandum of understanding to collaborate in promoting initiatives that foster social and economic development in ADB’s developing member countries (DMCs). ADB and the SFD will jointly cofinance infrastructure projects in DMCs and collaborate toward the United Nations Sustainable Development Goals.
Nonsovereign Cofinancing. The Trade and Supply Chain Finance Program (TSCFP) supported two transactions valued at $55.1 million with a bank domiciled in Saudi Arabia from inception to December 2023. During the same period, the TSCFP supported over 2,260 Saudi Arabia exports and/or imports valued at $1 billion. In 2023 alone, the TSCFP supported seven Saudi Arabia exports and/or imports valued at $98 million. Exports and/or imports were mainly to or from Pakistan, Bangladesh, and Viet Nam. Underlying goods involved mostly raw and non-energy commodities, oil, gas, energy-related commodities, and food and agriculture-related goods.
Knowledge. In December 2023, at a side event of the UNFCCC Climate Change Conference (COP28), ADB, together with partners, announced the Nature Solutions Finance Hub to proactively scale up the flow of public and private finance into conserving nature and biodiversity loss in Asia and the Pacific. Saudi Fund for Development Deputy Chief Executive Officer Faisal Al Kahtani talked about building partnerships for South–South cooperation.
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