Saudi Fund for Development provides a soft loan to light roads using solar energy in the Central African Republic

WASHINGTON D.C., United States of America, October 13, 2022/APO Group/ — 

Today — in Washington, D.C. — the CEO of the Saudi Fund for Development (SFD) (https://SFD.gov.sa), Mr. Sultan bin Abdulrahman Al-Marshad, and H.E Felix Moloua, the Minister of State in Charge of economy, Planning and International Corporation of the Central African Republic, have signed an agreement to finance a public lighting project using solar energy in Bangui, the capital of the Central African Republic.

The project will improve the level of road safety and reduce the number of deaths resulting from traffic accidents

Supported by SFD through a soft loan, the project will light an extensive network of roads across Bangui, improving local infrastructure.

In line with SFD’s mission to empower disadvantaged people and communities in developing countries around the world, the project will light a network of roads spanning 70 km. As part of the project, state-of-the-art lighting poles and solar panels that provides clean and sustainable energy to ensure lighting is provided at the highest level of efficiency, and encourages environmentally friendly technologies will be installed in Bangui, providing access to modern, high-quality storage batteries, controls and lighting lamps. The project will improve the level of road safety and reduce the number of deaths resulting from traffic accidents.

The agreement was signed during SFD’s participation at the annual meetings of the IMF and World Bank by a delegation of the Fund’s officials — headed by the Kingdom’s Minister of Finance H.E. Mr. Mohammed bin Abdullah Al-Jadaan. During the meetings, the delegation discussed a variety of topics, including the global economy, the impact of COVID-19, food security in the Middle East and North Africa, and climate change.

Since 1985, SFD has financed five development projects in the Central African Republic by providing five loans worth more than 94 million USD. These projects have contributed to the development of a range of vital industries and fields, including the water, health, energy, and transport sectors; with the Kingdom’s support — through SFD — helping to enhance prosperity and economic growth in the Central African Republic.