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Saudi Fund for Development signs $100M loan agreement to support the water sector in Argentina

  • Saudi Fund for Development signs $100M loan agreement to support the water sector in Argentina
    SFD CEO Sultan Al-Marshad (right) signs a new USD $100 million development agreement with Argentina Province Governors Juan Schiaretti (Córdoba) and Omar Perotti (Santa Fe) (Photo: AETOSWire)

About the entity

Saudi Fund for Development (SFD)
The Fund’s main objectives are to participate in financing development projects in the developing countries by granting them the necessary loans, technical aids necessary for financing studies and institutional support and financing.

The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad,  signed a new development loan agreement marking the Fund’s first presence in the country, worth USD $100 million with the Province Governor of Córdoba, H.E. Juan Schiaretti and the Province Governor of Santa Fe, H.E. Omar Perotti, to help fund the Interprovincial Aqueduct Santa Fe - Córdoba Project (Phase 1, Block B-C) in Argentina, through SFD. The signing ceremony took place at the SFD headquarters in Riyadh, Saudi Arabia.

It was attended by the Minister of Public Works of the Province of Córdoba, Mr. Ricardo Sosa; Minster of Public Services of the Province of Córdoba, Mr. Fabian Lopez; Minister of Economy of the Province of Santa Fe, Mr. Walter August; and by official representatives from both parties.

This agreement will boost Argentina’s economy by supporting potable water development in Santa Fe and Córdoba, creating jobs, and advancing socio-economic development.

Importantly, this project also supports the realization of the UN SDGs, specifically SDG 3, Good Health and Wellbeing, and SDG 6, Clean Water and Sanitation.

Phase 1 of the project will develop from Coronda to San Francisco, providing more than 410,000 people with access to safe water and fostering development in Santa Fe and Córdoba.

On this occasion, the Province Governor of Córdoba, H.E. Juan Schiaretti, said, “It is a great honor to sign this $100 million aqueduct agreement, benefiting Santa Fe and Córdoba, and forging the first economic development corporation between the SFD and Argentina.”

The Province Governor of Santa Fe, H.E. Omar Perotti, stated, “Today, Argentina and SFD collaborate to build an aqueduct that will change lives for the better, marking a historic step towards long-lasting development.”

On his part, the CEO of SFD, H.E Sultan Al-Marshad, said: “Safe water, sanitation, and hygiene are essential for health and well-being. We are proud to support projects that improve access to potable water in developing countries and positively impact the lives of many.”

Argentina becomes the 93rd SFD beneficiary, this signifies the SFD’s commitment to sustainable development in Latin America.

In line with its mission to promote global sustainable development since 1975, SFD has funded more than 750 development projects worth US$20 billion in over 90 countries around world.

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