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Saudi Fund for Development interested in mutually beneficial cooperation with Kazakhstan

13 March 2020 11:05

NUR-SULTAN. KAZINFORM On March 11, 2020, H.E. Mr. Berik Aryn, the Ambassador of Kazakhstan to Saudi Arabia, met with H.E. Dr. Khaled bin Sulaiman Alkhudairy, Vice-Chairman and Managing Director of the Saudi Fund for Development (SFD).

During the meeting, the parties discussed issues related to the participation of the SFD in the implementation of significant development and infrastructure projects in Kazakhstan. In this vein, Ambassador Berik Aryn informed his counterpart on the socio-economic development of Kazakhstan, the Kazakh MFA’s press service reports.

The Managing Director expressed readiness of the SFD to resume mutually beneficial cooperation with Kazakhstan and consider possibility of participation in infrastructure projects implemented in the country by providing long-term concessional loans.

It is worth to mention that the Saudi Development Fund allocated 12 million USD for the construction of the Astana-Karaganda highway in 2001.

The SFD was established by the Royal Decree in October 1974, and its main objective is to support the economies of developing countries, including the implementation of transport infrastructure, the development of agriculture, energy, and other socio-economic projects. As of today, the Fund provided loans in the amount of 16.5 billion USD for 688 projects in 83 developing countries.