Riyadh, Saudi Arabia – Saudi Fund for Development (SFD) on Sunday signed a $100 million loan agreement to support the water sector in Argentina, marking the Fund’s first presence in the country.
The agreement will support the growing demand for potable water in Argentina’s provinces of Santa Fe and Córdoba. It will help advance socio-economic development, by creating both direct and indirect jobs in the country.
Phase 1 of the project will develop from Coronda, in the province of Santa Fe, to San Francisco, in the province of Córdoba. Once completed, it will provide more than 410,000 people with access to safe, drinkable water.
The agreement makes Argentina the 93rd country to benefit from the SFD. Since 1975, SFD has funded more than 750 development projects worth US$20 billion in over 90 countries. It carries out its development projects across a wide range of sectors, including social infrastructure, transport and communications, agriculture, and renewable energy, among others.
The Saudi Fund for Development (SFD) is a government entity that provides soft development loans and grants to finance development projects and programs in developing countries.